Succession Planning | A Business Exit Strategy That Builds Leaders

When business owners hear succession planning, they tend to think about the end. Retirement, selling the business, passing it on to family or to the team. Those are all great forms of succession, and I think we can start having this conversation a lot sooner.

Before you can decide who takes over your business, you have to know whether your business is capable of being taken over. A succession plan on paper doesn’t make a business transferable. Your successor still needs to know how the business works, why your biggest client is with you, how decisions get made, where the processes live and who leads the team when you’re not there.

In this episode I talk about why succession planning can be a leadership issue first, and why it needs to start long before you’re ready to step away.

You’ll learn how to:

*Spot what stops working when you stop showing up
*Look at your business the way a successor would, from client relationships to how decisions get made
*Build leadership in your team now, so someone else is ready to step in
*Give yourself more options, whether you sell, pass it to family, hand it to your team or step away from the day to day

Whoever takes over, the foundation is the same: clear leadership, documented processes, knowledge out of your head and relationships that belong to the business. The earlier you start, the more choices you have. Let’s be proactive instead of reactive.

Not sure how transferable your business is right now? Take my quiz, Is Your Business Worth Buying? It looks at founder dependency, systems, leadership, reporting, transferability and readiness, so you get a clear picture of where you and your business stand today.

Quiz: Is Your Business Worth Buying? - thebusinessmanagementco.com/isyourbusinessworthbuying

Website: thebusinessmanagementco.com

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This podcast is produced, mixed, and edited by Cardinal Studio. For more information about how to start your own podcast, please visit www.cardinalstudio.co or e-mail mike@cardinalstudio.co