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5 Reasons Why Businesses Need Succession Plan?
What would you do if you lost one of the leaders of your company? If you don’t have a detailed answer, you’re not alone.
In fact, one study showed that nearly 60% of small-business owners don’t have a succession plan for themselves, let alone for their top executives. If this is true for your company, you should consider planning for leadership succession as soon as possible.
Planning a successful business succession takes years. According to experts, transitions can take up to five years to complete and, in the case of a family business, as many as 10, depending on the firm’s size and complexity.
Yet, a 2017 survey of 2,500 entrepreneurs found that five out of six entrepreneurs surveyed estimate that the process will be completed in two years or less from the time they meet with potential buyers to the moment the eventual sale goes through.
The benefits of having a strong succession plan can be enormous. Here are five reasons why you need it most.
1. CLEAR FUTURE PICTURE
You may have an idea in your mind of what your succession will look like, but you may be in for a surprise when you go ahead with it. For example, your plan may be to sell your business to an…
