Tweet

“Do You Know Where Your Succession Plan Is? And Do You Know What To Do If You Can’t Find It?”

Written by: Glenn Ebersole

Article Overview: Many business people detest thinking about succession planning, let alone actually doing succession planning. It becomes another one of those items to be done “tomorrow.” The enormous risk in putting this off is that without a succession plan in place, the continuity of the business and its future direction could be totally lost. It is important to impress upon you that succession planning is needed earlier in your life of your business, not later. Do you or don’t you have a succession plan? Is it written down somewhere so it can be found? Or is it in your mind and no one else has any idea of what your succession plan looks like or where to find it? And if you cannot find it do you know what to do? Here are my eight (8) strongest recommended actions to take if you do not have or cannot find your succession plan.

“Do You Know Where Your Succession Plan Is? And Do You Know What To Do If You Can’t Find It?”

“Do You Know Where Your Succession Plan Is? And Do You Know What To Do If You Can’t Find It?”
By: J. Glenn Ebersole, Jr., Chief Executive of J. G. Ebersole Associates and The Renaissance Group ™

A Strategic Thinking Coach focuses on bringing new perspectives to clients. With an understanding and appreciation of the past, the strategic thinking business coach helps shape the future of the client and his or her respective business. Strategic thinkers are always looking at opportunities and challenges from a long-term point of view. We know the future does not just happen. The future can be and must be built with a plan and this is especially true regarding succession planning.

Many business people detest thinking about succession planning, let alone actually doing succession planning. It becomes another one of those items to be done “tomorrow.” The enormous risk in putting this off is that without a succession plan in place, the continuity of the business and its future direction could be totally lost. And it is important to impress upon you that succession planning is needed earlier in your life of your business, not later.

So let’s hear it out there. Do you or don’t you have a succession plan? And if you do, is it written down somewhere so it can be found? Or is it in your mind and no one else has any idea of what your succession plan looks like or where to find it? And if you cannot find it do you know what to do?

In many instances, people have great difficulty in handing over the controls of their business and it is very painful to do so. However, if you use good solid strategic thinking and planning you can develop a well designed succession plan. Time after time I see and read about an owner getting very sick, injured, dying or plain “burned out” without any system in place to see that the business continues and the owner’s family is taken care of in the future.

Based upon my recent readings and my business coaching practice experiences, there is some solid advice available for what to do for your succession planning. Here are my eight (8) strongest recommended actions to take if you do not have or cannot find your succession plan.

Action #1: Start now, not later, to think about and begin your succession planning.

Action #2: Develop a clearly focused vision of your goals for succession planning.

Action #3: Seek guidance from someone skilled in the succession planning process.

Action #4: Gain a clear understanding that great tax planning and great succession planning have different focuses. Tax planning focuses on the financial and succession planning focuses on the future ownership and leadership of the business.

Action #5: Develop alternate scenarios for the ownership succession transitions and rank the scenarios based upon your vision, goals and other preferences and constraints.

Action #6: Develop a business plan with the selected succession scenario.

Action # 7: Consult with an outside advisory firm with a strong reputation and solid experience with succession plans.

Action #8: Inform your family, management team and employees that a succession plan exists and share whatever level of information about the plan that is appropriate.


If you want to learn more about this strategic element of business planning and how it can specifically relate to your business, please contact Glenn Ebersole today through his website at www.businesscoach4u.com or by email at jgecoach@aol.com

Related Articles
  Guess What? Succession Planning is not Rocket Science
  Succession Planning - Vital For Your Business At All Levels
  Succession Planning – Critical Business Planning
  Will Your Small Business have a Happy Ending
  Strategically Structured Succession Planning For Company Leadership According To Your Strategic Thinking Business Coach

Article Tags:



Related Forum Posts
Business Innovation - Hi Simon If you can finish off the Business Plan and think about your strategic direction or how you are going to use your product to convince people it's a great idea, it will set the foundation for your programming project. You see, when you are looking for funding you will need a Business Plan and Strategic Plan that will convince companies to invest into your new idea. Has anyone achieved this idea before using another industry besides health and fitness that you know of? You should also design some mockups as a "preview" for your programming project. This will also help reduce your programming costs as everyone will know exactly what you want if you have detailed mockups already completed including any functionality you require. Starting mockups for websites and software applications on paper is the best way if you're not a guru in graphic editing software.
Starting A Business - Your are recieving some really good advice on the mental aspect of starting a business. I work with clients on a more technical level when starting a business, structure, licensing, taxes, business plan, intital steps, etc. Don't get me wrong, all entrepreneurs need both, motivation and technical support. They work hand in hand. My suggestion to you is to both mentally prepare yourself and began establishing goals. I use a method for business development, which has been very beneficial in the success of my clients, "PIE". Plan, Implement, and Execute (business plan). After identifying the processess which is needed to take, you must then follow through with the neccessary research to determine how to establish the business. Call your local City Clerks office to find out what you need to establish a business in your area. Find out what type of license will you need (if one is required), depending on the location of your business you may not need one. Additionally, what is the best structure for your business type, what are your tax requirments, how to establish business credit, what is required to obtain capital to start your business. These are the fundamental things you should know before starting a business.
Re: Best way to start a business? - Find a good mentor.
Re: How can I promote my site? - I agree that SEO is the best way but you should not rely on it solely. Find a few different methods that work for you and use them together.
How to Do Great Marketing with (Amost) No Money - I've given this presentation to CEOs many times. Now i can share it with you. But I cannot because I do not yet have 20 posts. Jeff Ogden, President Find New Customers


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Four Secrets to Earning Income as an Author

Here's a great ROI

Earn More Money - Easy Home Business Ideas

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.