Sometimes, you can become so busy running a business that you are overly focused on the "here and now." But for long-term success, you want to keep an eye on the future as well. Here are some of the tasks you need to focus on:
"If you don't have a plan, get one" is the rallying cry for businesses that have left succession planning to take care of itself. If you haven't already identified someone to take over the firm when you retire, you may need some help to investigate exit strategies to help you put value on your business. What do you need to do? You've identified the issues — here are the next steps:
Innovative firms understand that to drive succession planning, they have to find a way to treat clients as shared entities. Some advise to look to clients and not employees as potential successors.
Having a succession plan is a sign of business stability and longevity to existing and potential clients, as well as to employees. Bolstering succession planning best practices may set your business apart from competitors — and ensure your firm's future.
You need to begin loosening the reins, as difficult as that can be, to make the eventual transition easier for everyone. Letting go is never easy — discuss the transition plan with your CPA and gradually step back. Even if succession planning is further down the road, it's never too early to start thinking about it.
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