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Succession Planning a Top Priority for Company Owners, Study Finds

September 9, 2022

New research from Washington State University highlights that three things are at the top of the priority list for today’s small business owners: protecting against cybersecurity risks, planning for retirement/succession, and attracting new customers.

Over 1100 businesses were involved in the study to determine how companies were coping with the ongoing impact of COVID. There is a broad spectrum of how business owners were impacted by COVID. Some closed up shop entirely, others relied on short-term savings or PPL/EIDL loans to get through, and some grew with rapid scale.

If your company made it through the past two years or is growing quickly now, it’s the perfect time to think about the opportunity with succession planning. Planning for succession is vital for ensuring that you’re adaptable and flexible in the future based on potential risks and challenges.

Most people who own a small business intend to run it for the foreseeable future. Some might assume it will stay in the family but could be caught off guard if loved ones don’t want to stick around and run it. Others might not realize they could develop a company “built to sell” and could benefit from some work done now to set the company up for a future sale.

The truth is that each business owner must have their own answer for the possibilities. One hard and fast answer does not need to be determined now, but instead, you must think ahead about the best way to set yourself or others up to answer these key questions should they arise.

That’s what’s done with business succession planning. If you find yourself struggling with answering these questions or knowing what to think about in the succession process, Shah Total Planning is here to help you. Carve a path for your company’s future today.


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Schedule your free Exploratory phone call

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can be of assistance.

Careers/Open Positions

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

Our Social Media

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Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts
Immediate vs. Deferred Annuities

Despite not being as well known as some other retirement tools, annuities account for 6.5% ...

See more
According to Young Investors, Progress Toward Goals Matters Most

Younger and older investors are likely to have different preferences in music, movies, and fashion. ...

See more
Guiding Your Aging Parents Through Life’s Next Chapter: A Strategic Overview

In today’s aging society, many families face the responsibility of caring for elderly parents. This ...

See more