After Success, Don’t Forget About Succession

June 5, 2013

The amount of work required to start a business, make it successful & keep it growing is substantial.  Unfortunately, the business owner isn’t done even when all that has been accomplished.

There are many challenges to developing a successful succession plan for your small business. Common challenges to succession planning include fear, confusion, uncertainty, an undefined action plan, and dysfunction. A recent article discusses how to overcome some of these challenges.

Many succession plans are hindered about uncertainty regarding the economy, as well as the success of the business itself. To best shield the succession plan from uncertainty, be sure to hire the best employees possible for the transition. Moreover, attempt to lock in key employees who are vital to the businesses continued success.

An undefined action plan is particularly harmful to a succession plan because it can lead to gaps in ownership and poor follow-through. It is important, therefore, to integrate the succession plan into your strategic plan for the business. To keep the plan on track, consider documenting expectations, creating a timeline, and crafting ways to measure success.

Lastly, dysfunction is often rampant with family business succession. Although this may be hard to avoid, consider communicating every aspect of your plan with your heirs. Be sure that your children understand the reasons for the decisions you have made, and listen to their concerns and opinions.

Importantly, remember that there is no standard solution for every business. If your business succession plan should stall, seek help from an experienced attorney or financial advisor.


Practice Areas:



Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Careers/Open Positions

Explore all available job
listings and become a part of an amazing team.

Payment Portal
for Tax and Accounting invoice

This link offers a secure, quick way to complete your payment with Omni360 Advisors LLC.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts

How Grandparents Can Leverage SECURE 2.0 & OBBBA to Build Multigenerational Wealth with Confidence

Explore advanced multigenerational planning strategies for grandparents under SECURE 2.0 and the One Big Beautiful Bill Act (OBBBA). Learn how to use 529 plans, dynasty trusts, SLATs, and ...

<p>The post How Grandparents Can Leverage SECURE 2.0 & OBBBA to Build Multigenerational Wealth with Confidence first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Unlocking NJ Property Tax Relief: What Seniors and Homeowners Need to Know

Discover how New Jersey residents can benefit from the Senior Freeze, ANCHOR, and Stay NJ programs. Learn eligibility criteria, application steps, and how the PAS-1 ...

<p>The post Unlocking NJ Property Tax Relief: What Seniors and Homeowners Need to Know first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Life Insurance & Estate Planning After the Big Beautiful Tax Act: Key Strategies for High-Net-Worth Families

Discover how the Big Beautiful Tax Act changes life insurance, trusts, and estate planning for affluent families. Learn practical strategies to protect wealth and adapt ...

<p>The post Life Insurance & Estate Planning After the Big Beautiful Tax Act: Key Strategies for High-Net-Worth Families first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>