Time is raging on, years are passing by and things are feeling tougher and tougher - especially if you're a baby boomer who happens to be running a business. When you stop and look at where you are today, there are a lot to be proud of, yet there's a lingering sense of tiredness that seems to continually creep into your mind. Sure, you are used to working long hours and reaping the financial benefits of success. But at the same time, you've also spent many a day watching employees schedule their vacation while you, in turn, only stare at the number of non-existent holidays on your calendar. You can't even count the number of weekends spent working and / or pondering your next move.
Now as those New Year's resolutions come closer and closer, you've begun to
think about a new and perhaps previously taboo goal, that of turning control
of your company to someone else. For small business owners, especially leaders
who have devoted their life to the growth of their firm, succession planning
and selecting a new leader is one of the hardest challenges they have ever
tackled. In fact, it has probably been put off for too long, but finally, the
negativity and resistance must be overcome.
In fact, the succession and continuation of your business should be treated no
differently than that of your personal life. Succession planning is simply the
strategy of creating a will and testament for your business. After all, what
will happen if you become ill or incapacitated or heaven forbid, what will
happen if you meet your demise in a tragic accident? Do you want to leave a
legacy of achievement and good will or a complex legal quagmire that hounds
your struggling family, shocks employees and scatters your loyal customers?
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