Failing to Plan is Planning to Fail.
You’ve heard it before. But in these unprecedented times of global pandemic and turbulent economy, having a succession plan for your business is more important than ever.
Whether you become ill, incapacitated or the COVID-19 chaos has convinced you that it’s time to retire, you need a succession plan that will provide peace of mind for you and your clients/customers.
So, what are the options?
If you want your business to continue as is, you’ll need to find a successor. Generally a successor should be someone who knows how to provide consistency during the transition.
This may be an existing business partner, or a team or trusted employees who know the business and share your philosophy. This may be the most efficient option, since they are familiar with the clients or customers and understand their needs.
A family member may be another option – assuming you have someone who is qualified or at least willing to put in the hard work to learn the business.
The final and most challenging approach would be to select an outside purchaser. Just make sure it’s someone who shares your client service philosophy.
Leave time to conduct due diligence, valuation of your business, deal terms and financing. It’s imperative to start early.
The one option you should never consider is doing nothing. Let Richard Agins and the Agins Law Firm, PLC help you with your succession plan. Please call them if you need help with succession planning at (480) 401-2660 or visit our contact page on this website.