May 21, 2015

It’s so common for small business owners to love their work so much that they it might not even be on their radar to think about retirement. As a recent inc.com article points out, though, you might be tempted with an offer you can’t refuse at any point in your business. Are you prepared if someone offered you a buyout? 

Even if retirement is not on your radar right now, you should always be thinking about the long term. Since it could take several years to put a succession plan in place, here are five key steps to take to ensure you’ve thought about all the details big and small.

#1: Start Training a New Team or Manager

It’s never too soon to start the process of tapping the next round of talent.

#2: Document Your Plan

Contact your business succession planning expert to make this happen

#3: Consider Your Backup Plan

Simply put, things don’t always unfold the way that you expected. Make sure you’ve got a Plan B in place just in case.

#4: Hire the Right Accountant and Legal Team

Since your plan might evolve over time, make sure you’ve got a plan in place to get the right advice when you need it. Schedule regular checkins.

#5: Think About Your Own Exit

You’ve got to think ahead about the exit as well- so don’t focus on just team member actions. Consider how your life will change once you exit the business, and prepare yourself for the transition.

Thinking about business succession now? Contact us at info@lawesq.net.