Getting a business started is hard enough. There’s so much to think about, plan for and predict that Massachusetts executives wear themselves out in the early days of entrepreneurship. If this sounds like you, and you have finally gotten your business up and running, all you want to think about is enjoying the transition into successful ownership.
But there’s something else you should be planning for. It might seem a little over the top since you have just gotten settled into your leadership role, but successful business owners need to plan ahead for the day when they will no longer be at the company’s helm.
The question is how to prioritize business succession, especially since you are fully focused on keeping things going in the here and now.
CNBC has some tips that may help. First, be sure you have enlisted the help of others. Having a team of professionals to advise you will increase your chances of thoroughly exploring every aspect of succession. Some experts you may want on your team are an accountant, a lawyer and a financial planner.
In addition to a strong business succession team, an early planning process can set your company up for a smooth transition. CNBC reminds executives it is never too early to start. Creating a productive business succession plan can take up to a year, and implementing one takes even longer, so do not wait until you need it to start thinking about it.
Finally be willing to revisit your plan often to be sure it meets your needs as the years go by.
The intent of this information is strictly educational. It does not serve as legal advice.