Most owners put off planning for succession for one of two reasons:
- Uncertainty about what’s next—once we transition out of the business.
- No clear, trusted successor…yet.
The biggest misconception is that if you build a succession plan, you must leave the business or relinquish control. You don’t have to do anything you don’t want to do with your business. It’s your business! By building a succession plan, you create many, many more options on who will buy or run your business, what role you will play - now and in the future; when you will exit, what direction you grow the business, and the actual selling price. Start today to identify potential successors, potential buyers and potential creative partnerships. Just keeping the need top of mind will shift your thinking and cause you to take steps towards a plan.
Eighty percent of executives agree that there are growing skill gaps in their organization in leadership and executive skills, among others. (2009 ASTD study, CLO Magazine, September 2012). Can anyone else in your company even begin to fill your shoes? Or is it possible that someone else can do it even better than you?