Spot It.
You haven't decided who will lead the business when you step back. Maybe a family member, a key employee or an outside buyer. It is a question you keep putting off, because there always seems to be something more urgent to deal with first.
Sight It.
Succession planning feels far away, emotional or complicated. Owners may not want to think about leaving the thing they built. Possible successors may not be ready, or may not be interested. And without a plan, the decision can end up being made in a crisis, by circumstances rather than by you. We encourage owners to start this conversation years before they think they need to.
Solve It.
Start the conversation:
- Decide on a rough time frame for stepping back.
- Identify possible successors, inside or outside the business.
- Have honest conversations with them about their interest and readiness.
- Create a development plan for the most likely candidate.
- Talk with your accountant and attorney about your options.
The earlier you plan, the more choices you have.
Fixed it yourself? Great. Want help making it stick? Talk to a Troubleshooter.