Do you have a plan to continue your income after you’re done working in the business you own?

Are your family members and employees set to carry on?

Unbelievably, the majority of business owners wind up shutting the business down and walking away, leaving themselves and their families with nothing to show for all their years of work and and leaving employees to figure out how to carry on.

At the risk of sounding melodramatic, if you lead a company and you don’t have a succession plan, it’s a catastrophe waiting to happen—to your company, employees, customers, and family.

A succession plan is something you want to have ready to go so it’s there when it’s needed instead of trying to throw one together at the last minute.

What are the first steps to take to create a succession plan?

Early in our business coaching relationship, we encourage business owners to create a personal vision so they know what personal outcomes they want from business ownership. This is a good first step to succession planning. Check out our Personal Vision Creator.

When the time comes to choose your successor, draw up a formal transition plan together. Your plan should include a target date for the handoff, any change in your work schedule, and a description of the legacy you want to leave. Include a plan for the successor’s rotation through the main functions of the business to help establish credibility and gain experience. Also create a communication plan to keep all  employees, customers, and family informed.

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