As a business owner, it’s never too early to start thinking about your succession strategy and developing the skills of your team and business capability.
Many people think of succession planning as something old people do once they decide to exit their business. This is far from the truth.
Succession planning is a young person’s pathway to building a valuable business. It’s about creating a sustainable business that will continue to operate successfully into the future, whether you stay in the business or not.
Our Business Succession Scorecard allows you to rate your business’ preparedness for succession based on several key parameters:
- Leadership
- Decision making
- Operations
- Culture
- Communication
- Forced exit
- Business transition.
The final items in the scorecard – Forced Exit and Business Transition – are really the acid tests for determining whether your business is sustainable and has value i.e. will it survive without me, and let’s see what the market thinks!
If you have future-proofed your business by having a well thought out and implemented succession strategy, the business should thrive even if you’re not there, and the market should reward you.
If you are not in this situation, it’s better to start late on succession planning than not start at all.
The first thing the leader of a mature business should do is sit down with senior staff and/or family members and talk about their succession goals.
If you would like support to take the first step and develop a succession plan for your business, contact the team at JPAbusiness for a confidential, obligation-free discussion.
