Succession Planning Starts With A Conversation
Business Advisory Services Updates
Succession planning is not something that business operators should think about when they get old and are ready to retire.
It is a process that should be thought about in every segment of the business journey.
Questions that you could ask:
- What is your vision for the business?
- Who would take over from you if something happened to you?
- If someone walked in today and asked whether you wanted to sell your business, how would you respond?
- Would your business be in a position to be able to participate in a “due diligence review” with a potential purchaser within the next 2 weeks?
- Is everything “in the owner’s head” or have the business’ trade secrets and special agreements been documented and filed in a secure place?
- Does the business have a documented process for each segment of the business?
- Team Members
- Team Training
- Supply Lines
- Suppliers’ Agreements
- Premises and Occupancy Agreements
- Distribution Agreements
This is the start of the documentation of a succession plan.
