7 Ideas Owners Must Consider When Succession Planning
7 Ideas Owners Must Consider When Succession Planning
One of the most important features about the Duct Tape Marketing process is its impact when it comes time for the owner to move out.
Whether you plan to sell out or pass the business on, having a system installed that generates leads and converts them to loyal, profitable clients significantly improves the business’s value.
Your marketing system includes a clear statement of how you are different and better for your Ideal Client; a complete marketing kit persuasive reasons to do business with you; a lead-generation process that includes the internet, advertising, public relations and referrals; and a process that converts leads to loyal customers.
Succession planning is more than just marketing. Here are 7 ideas to ensure you leave your business in good hands.
1. Retirement isn’t death. Death is death.
Small business owners don’t plan for succession because they genuinely hate the idea of not working: no control, no work, no identity…so only about one quarter have a plan. Leaving their staff and their family incredibly vulnerable.
2. Retirement isn’t just deciding not to go into the office any more.
It’s ensuring you have enough money to retire on, who’s going to manage the business, how will ownership be transferred. Will your business even carry on or will you sell it?
3. The biggest “killers” are taxes and family discord.
So succession planning is about management, ownership, and taxes. Will the business be managed by an owner or not? Will all owners have the same number of shares? How will your reorganize the company to reduce your taxes?
4. Outsource.
If you’ve been successful, you already depend on a network of help to manage your financial, tax, legal, maybe even marketing, distribution, and HR issues. Small business owners are typically too emotionally involved to make good succession plans so let someone else you trust do it for you.
5. Train and mentor your successor(s).
Okay we know you hate this one – who has the time? But how can you expect your business to continue to thrive without you if you don’t train…and remember, you’ll be throwing away your life’s work if you don’t.
6. Start business succession planning early.
Okay we know you hate this idea too. But five years in advance is good. Ten years in advance is better. Many business advisors tell budding entrepreneurs to build an exit strategy right into their business plan.
7. Read.
You owe it to yourself, your family, your employees and your suppliers to know the issues that will effect them once you’ve left.
7 Ideas Owners Must Consider When Succession Planning - To learn more about this author, visit Liz Walker's Website.
Like this article? Share it with your friends
70% of entrepreneur-owned businesses do not survive the founder. Did you work this hard, for this long, to see your life’s work implode?
One of the most important features about the Duct Tape Marketing process is its impact when it comes time for the owner to move out.
Whether you plan to sell out or pass the business on, having a system installed that generates leads and converts them to loyal, profitable clients significantly improves the business’s value.
Your marketing system includes a clear statement of how you are different and better for your Ideal Client; a complete marketing kit persuasive reasons to do business with you; a lead-generation process that includes the internet, advertising, public relations and referrals; and a process that converts leads to loyal customers.
Succession planning is more than just marketing. Here are 7 ideas to ensure you leave your business in good hands.
1. Retirement isn’t death. Death is death.
Small business owners don’t plan for succession because they genuinely hate the idea of not working: no control, no work, no identity…so only about one quarter have a plan. Leaving their staff and their family incredibly vulnerable.
2. Retirement isn’t just deciding not to go into the office any more.
It’s ensuring you have enough money to retire on, who’s going to manage the business, how will ownership be transferred. Will your business even carry on or will you sell it?
3. The biggest “killers” are taxes and family discord.
So succession planning is about management, ownership, and taxes. Will the business be managed by an owner or not? Will all owners have the same number of shares? How will your reorganize the company to reduce your taxes?
4. Outsource.
If you’ve been successful, you already depend on a network of help to manage your financial, tax, legal, maybe even marketing, distribution, and HR issues. Small business owners are typically too emotionally involved to make good succession plans so let someone else you trust do it for you.
5. Train and mentor your successor(s).
Okay we know you hate this one – who has the time? But how can you expect your business to continue to thrive without you if you don’t train…and remember, you’ll be throwing away your life’s work if you don’t.
6. Start business succession planning early.
Okay we know you hate this idea too. But five years in advance is good. Ten years in advance is better. Many business advisors tell budding entrepreneurs to build an exit strategy right into their business plan.
7. Read.
You owe it to yourself, your family, your employees and your suppliers to know the issues that will effect them once you’ve left.
7 Ideas Owners Must Consider When Succession Planning - To learn more about this author, visit Liz Walker's Website.
Like this article? Share it with your friends
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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