You’re a small business owner, and you are ready to retire, or move on to something else, what are you going to do with the business?

I find in talking with a lot of different small business owners that they really don’t have any succession planning put into place, I know that I don’t. So what are you going to do with your business? Who is going to take it over, when you retire, or worse yet, you can’t run your business? Your kids, your right hand person in the business, who would it be?

A savvy business person would have more than one person in mind. They would start training that person and giving them more responsibilities now, to see if that person can handle the pressures of running a business. Don’t wait until something happens, and then your business would be in an uproar. Start making plans today for succession planning, and update it on a consistent basis. This way if your first plan doesn’t work out, you have enough time to try something, or someone, else.

To help you get started with succession planning there are a variety of companies that it is their forte. I suggest you should look for a reputable one in your area. It also depends upon the size of your company. Some succession planners only deal with a certain sized company.

There are also software programs out there to help you get started. Upon Googling “Succession Planning” I found these links:

These three are in the top 10 on Google. Now I have not tried any of these, and so I cannot recommend any one over the other; but, feel free to leave a comment at the bottom of this post after you have tried them. I would love to hear back from you.

So who is going to be taking over your business?

Article by: Julia Wojdacz
Julia’s Virtual Assistant Service
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