{"id":13259,"date":"2022-09-08T19:05:33","date_gmt":"2022-09-08T19:05:33","guid":{"rendered":"https:\/\/jboitnott.com\/?p=13259"},"modified":"2022-09-08T19:05:33","modified_gmt":"2022-09-08T19:05:33","slug":"how-to-make-sure-your-business-lasts-long-after-you","status":"publish","type":"post","link":"https:\/\/jboitnott.com\/zh\/how-to-make-sure-your-business-lasts-long-after-you\/","title":{"rendered":"How to Make Sure Your Business Lasts Long After You"},"content":{"rendered":"

 <\/p>\n

It\u2019s often the single most neglected element of business ownership. No one wants to think about it. But failing to choose a successor for your company\u2019s leadership can result in devastating consequences for your family and employees.<\/p>\n

With a Succession Plan, Your Business Can Last When You are\u00a0Gone<\/h2>\n

Yet far too many small and family business owners<\/a> neglect this step. A Small Business Survey<\/a> conducted in 2017 by Nationwi showed that fully 60 percent of all small businesses lacked any kind of succession plan.<\/p>\n

Failing to plan may literally be planning to fail in this case. A strategic succession plan helps you prepare your company\u2019s future leaders so that the business can reach its goals. It helps you retain loyal employees and grow to become a more stable, resilient organization that\u2019s prepared to meet the challenges of tomorrow.<\/p>\n

To help your company survive and thrive after your departure, start to create your own succession plan today. Here\u2019s how.<\/p>\n

Start Succession Planning\u00a0Early<\/h2>\n

It pays to plan early\u200a\u2014\u200aliterally. For example, you\u2019ll want to adjust your tax strategy in particular if you want to sell the company to an outsider. You\u2019ll want to maximize profits to make the company more valuable and attractive to qualified potential buyers. The earlier you start your planning, the sooner you can implement the adjusted tax strategy to maximize your sales price.<\/p>\n

The Essential Components of a Succession Plan<\/h2>\n
    \n
  1. A timeline<\/strong> with specific dates, if possible, and a description of what events might trigger the transition.<\/li>\n
  2. Your chosen successor<\/strong> and any alternates, as your top choice, may not be able to step up as planned for any one of a number of reasons<\/li>\n
  3. A formal document<\/strong> outlining all of your company\u2019s operational and administrative policies, procedures, documents, employee manuals or handbooks, and all training documentation<\/li>\n
  4. A formal valuation report<\/strong> from a professional appraiser, preferably one familiar with your niche or industry, with plans for the valuation report to be updated regularly<\/li>\n
  5. A description of how your succession will be funded<\/strong>\u200a\u2014\u200ai.e., life insurance proceeds, a note, other funds, seller financing, etc.<\/li>\n<\/ol>\n

    Choose Your Succession Method<\/h2>\n

    Decide how you plan to proceed. Whether you sell or otherwise transfer control of your company to your successor, and whether the transition is triggered by retirement<\/a> or unanticipated events, there are five key methods of appointing and transferring your ownership.<\/p>\n

    Sell to a Co-Owner or\u00a0Partner<\/h2>\n

    If you have partners or co-owners, consult your partnership or operating agreement to understand your mutual rights and obligations when you leave the company. Requirements may dictate that you offer your interest to the remaining partners for their purchase first. This arrangement can often make things far simpler and easier on your heirs and surviving spouse, if any.<\/p>\n

    It also helps your spouse and heirs realize the fair market value of the interest without the burden of running the company themselves.<\/p>\n

    Theoretically, the partner must keep adequate funds on hand to buy out your shares at any time, as an unplanned departure can occur at any time. Alternatively, life insurance<\/a> or key person insurance can be used to fund this transition.<\/p>\n

    Sell to a Key\u00a0Employee<\/h2>\n

    Selling your interest and control to a key employee ensures you\u2019ve got an interested, experienced party ready to take over for you while also avoiding the complex challenges of selecting a family successor out of multiple heirs.<\/p>\n

    This plan also allows you plenty of time to train and coach your intended successor in all aspects of leading your company.<\/p>\n

    Most of your employees won\u2019t have ready access to cash or liquid assets sufficient to cover the cost involved.<\/p>\n

    To alleviate that problem, you can offer seller financing, where the employee will pay you or your heirs some amount as a down payment and then periodic payments over time. You\u2019ll need to work out these details with your chosen successor in negotiations prior to your departure.<\/p>\n

    Sell to an Outside\u00a0Party<\/h2>\n

    If you don\u2019t have a suitable heir or key employee who\u2019s willing and able to take over, selling to an outside party is a viable option to consider. Look at other entrepreneurs or even competitors in your field and area for potential buyers.<\/p>\n

    The key challenge here is to make sure you have a proper and accurate business valuation<\/a> on hand, and that it\u2019s updated regularly.<\/p>\n

    Some challenges to an outside party\u00a0sale<\/h3>\n

    Drawbacks include the difficulty involved in selling some types of businesses over others. If your company is service-based and built around your name or personal brand, it might be challenging to demonstrate the company\u2019s true value.<\/p>\n

    It\u2019s also a complex undertaking for you or your heirs to manage. However, that challenge can be relieved by outsourcing the sale to a professional broker or another professional who can handle the intricacies of an outside party sale.<\/p>\n

    Bequeath or Otherwise Transfer to an\u00a0Heir<\/h2>\n

    This is one of the most popular options (and the basis for a successful HBO TV show to boot). If you have a child or children, or other heirs, who have the interest, aptitude, and inclination to run the company themselves<\/a>\u200a\u2014\u200athis can be the simplest and easiest method to pass on control of your business to the next generation.<\/p>\n

    Emotions often run hot in family transitions, especially when the succession is occasioned by death. If you have an heir who presents the requisite skills, experience, potential, and innate interest in running the company, it may be worth the risks.<\/p>\n

    Just be very careful in the documentation you leave behind and the way in which your choices are communicated to all your heirs.<\/p>\n

    Establish Your Company\u2019s Core\u00a0Values<\/h3>\n

    Define your company\u2019s core values and make sure all of your employees understand them. This is crucial because it directly impacts the success or failure of your eventual succession plan and the transition to new leadership. If your successor doesn\u2019t align well with your company\u2019s values<\/a>, the disconnect could negatively impact your company\u2019s operations, employee engagement, and ongoing viability.<\/p>\n

    Define your goals in\u00a0writing<\/h3>\n

    It\u2019s also important to identify your goals. What do you want for your company, both short and long term? What are your personal goals, both practically and financially? Define those personal goals and make sure they align with your business values and objectives.<\/p>\n

    Have a senior team member or manager give you\u00a0input<\/h3>\n

    Consider getting input from senior team members and managers at this phase to make sure you\u2019re considering a wider perspective during the process. With their input, project your company\u2019s future needs. Work on a five-year basis and think about what meeting the company\u2019s objectives will mean for its changing structure.<\/p>\n

    Finally, create updated job descriptions that align with the data you\u2019ve identified and analyzed thus far. Clarify and manage your own expectations so that your next decisions will be based on logic, reason, and current and future anticipated conditions.<\/p>\n

    Identify and Train Your Successors<\/h2>\n

    To identify potential succession candidates for the position, evaluate each candidate against the list of skills and experience metrics that you created for the role in the prior step.<\/p>\n

    For top positions, you\u2019ll want to make sure you\u2019re choosing candidates with significant problem-solving skills and adaptability. If the pandemic proved anything, it\u2019s that small businesses must be able to pivot quickly when the unexpected occurs.<\/p>\n

    Remember that you\u2019re looking for potential. People can develop experience as well as key skills over time. Look deeper than the resume and keep personal biases and preferences out of the equation to the extent possible.<\/p>\n

    If you can verify interest in the succession, it will help\u00a0you<\/h3>\n

    After you\u2019ve identified your successor and verified their interest in transitioning to leading your company, create and implement a plan to give them the tools they need to succeed.<\/p>\n

    Your goal is to empower your successor with appropriate training opportunities so they can gain the necessary experience and expand the skills they\u2019ll need to perform up to their potential in the new position when the time comes.<\/p>\n

    Explore formal training courses and offer a mentoring or coaching program for ongoing support. Establish open communication and an ongoing feedback policy so that you can continue to refine the training and development program.<\/p>\n

    Give them the opportunity to learn about every aspect of the business and to ask you and your leadership team\/team members questions.<\/p>\n

    Document Everything<\/h2>\n

    It\u2019s important to create a formal plan and reduce it to writing in as much detail as possible, and to do this well; you\u2019ll need feedback from all stakeholders throughout your planning process.<\/p>\n

    Your plan documentation should include employee manuals, training plans, operating and administrative procedures, contact information (both internal and key external vendors), decision trees, and emergency operations planning.<\/p>\n

    What happens when a hurricane or the next pandemic hits? How can you keep things going? How have you pivoted in the past, or how can you do so in the future?<\/p>\n

    Periodically review and update your plan document. After all, things change all the time. Key workers might retire or take different jobs.<\/p>\n

    Your family members involved in the succession plan might lose interest or take other employment. Industry realities may evolve and change. Every year, take some time with your key group of advisors and professionals to review the plan and see if there are any places that need adjustment.<\/p>\n

    Let It\u00a0Go<\/h2>\n

    Once you\u2019ve chosen your successor and implemented a training plan for that person, you may choose to begin the transition while you\u2019re still around to help. If you\u2019re deliberately transitioning out of your leadership position, this is the right time to ease off the gas and let go of control gradually.<\/p>\n

    Begin allowing your successor to make their own executive decisions.<\/h3>\n

    Let go of the reins gracefully. Proving to the company and to your successor<\/p>\n

    that you have complete faith in them now by letting them take over the helm will help bestow legitimacy and loyalty on your successor. In the long run, that will only help your company stay strong and profitable into the future.<\/p>\n

    Stay in\u00a0Touch<\/h2>\n

    Maintain communication with your successors after you\u2019ve stepped down, in order to offer guidance when needed. Keep those lines of communication open but don\u2019t abuse this or set any expectations. Let them come to you.<\/p>\n

    You can also ask if they\u2019d like to schedule a regular, recurring lunch date to discuss their concerns and get your input. However, it\u2019s important to make sure this is their choice. They know what they need and how they operate best.<\/p>\n

    Don\u2019t take it personally if they don\u2019t come to you often or at all. Recognize that they need to chart their own path in order to reassure others that they\u2019re in control. You would not have put this individual in place if you didn\u2019t think they could do this job. But they won\u2019t do it your way\u200a\u2014\u200aallow that freedom.<\/p>\n

    Celebrate Your\u00a0Success<\/h2>\n

    Now that you\u2019re transitioning out of actively running your company, it\u2019s the ideal time to take a moment to appreciate your accomplishments. Take time to look back on your journey and be proud of what you\u2019ve built. It\u2019s also a good time to recognize you didn\u2019t build this alone. Being humble means appreciating that a team effort led to your business\u2019s longevity.<\/p>\n

    Part of your success is choosing the right successor. It\u2019s a bit like being a parent. If they\u2019re flying high on their own, you did your job well. Take pride in their success, as well.<\/p>\n

    Thanks for reading! Do you want to create thought leadership articles like the one above? If you struggle to translate your ideas into content that will help build credibility and influence others, sign up to get John\u2019s latest online course \u201c<\/em><\/strong>Writing From Your Voice<\/em><\/strong><\/a>\u201d here.<\/em><\/strong><\/p>","protected":false},"excerpt":{"rendered":"

      It\u2019s often the single most neglected element of business ownership. No one wants to think about it. But failing to choose a successor for your company\u2019s leadership can result in devastating consequences for your family and employees. With a Succession Plan, Your Business Can Last When You are\u00a0Gone Yet far too many small and […]<\/p>\n","protected":false},"author":1,"featured_media":13265,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1108],"tags":[542,1111,1110,1109],"class_list":["post-13259","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-successor","tag-business-tips","tag-companys-core-values","tag-key-employee","tag-succession-plan"],"yoast_head":"\nHow to Make Sure Your Business Lasts Long After You - John Boitnott<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/due.com\/blog\/how-to-make-sure-your-business-lasts-long-after-you\/\" \/>\n<meta property=\"og:locale\" content=\"zh_CN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Make Sure Your Business Lasts Long After You - John Boitnott\" \/>\n<meta property=\"og:description\" content=\"  It\u2019s often the single most neglected element of business ownership. 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