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Start Creating Your Business Succession Plan

Start Creating Your Business Succession Plan

December 15, 2022

Start Creating Your Succession Plan...

...And Get Your Business Ready For Your Retirement.

You’ve worked for years building your business, hiring your employees, keeping up relationships with customers and running your company. But now that you’re considering fully stepping away from the business or selling, what will happen to all that hard work?

If you’re a business owner and you’re ready to start enjoying your retirement, a succession plan is essential for transitioning in new owners and keeping the business afloat.

What is a succession plan?

Succession plans are different for every company, but essentially it’s the plan for what will happen to your company once you sell it. Having a succession plan can offer support for your employees, increase the business' value and smooth the transition from your ownership to someone else’s.

How can a succession plan help you?

These plans can help your company be more desirable for potential owners who are looking to buy. This tool will help identify the company’s mission, values, goals, and long-term plans so buyers can determine if the business's goals align with their own.

What does a succession plan include?

  1. The Importance of Succession Planning for Business Owners

Succession planning is a crucial aspect of business ownership that often gets overlooked. Whether you are considering retiring or simply want to transition into a less active role within your company, having a well-thought-out succession plan in place is essential. Not only does it help ensure a smooth transition for both you and your business, but it also provides peace of mind and strategic direction for the future.

  1. Key Questions to Address in a Succession Plan

No two succession plans are the same, as each business has its unique circumstances and dynamics. However, there are some common questions that a new buyer or successor will likely ask. These questions help determine the future stability and direction of the business:

  • Are there other partners who will leave or stay in their current roles?
  • Are you open to selling the business to someone outside the company?
  • Who will take over your role as the owner or leader?
  • Will the structure of the business undergo any changes during the transition?

Addressing these questions within your succession plan demonstrates your foresight, commitment to the business’s long-term success, and willingness to facilitate a smooth handover.



About the Author:

Damon Paull is a Marine Corps veteran who has traveled to over 20 countries. As a financial advisor in Houston, Texas, he is passionate about helping business owners and individuals pursue their financial goals. You can connect with Damon and his team at: 703.362.5747 or DPaull@totuswm.com




This communication is designed to provide accurate and authoritative information on the subjects covered. It is not however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.