August 11, 2015

If you have gone through the legwork to think through a business succession plan, you are already ahead of most business owners. Knowing the basics of what you want to include in the plan is a good first step, but you need to document your plans in writing in order for them to be clear and valid.  

Remember that writing a plan is not about achieving perfection- it is about outlining a path to continuity. This continuity plan is one that 70 percent of business owners lack, and missing this could cause your company big problems down the road.

The core of developing a plan lies in knowing what the end goal is and enlisting experts (such as succession advisors, a CPA, and attorneys) to help you pull it all together. Make sure to include any designated successors in the process of putting it all together, as this is helpful in defining responsibilities, setting future goals, and dealing with any past errors. Circumstances might change over time, but documenting your desires now is the best way to ensure that business succession planning is on your radar.