Effective succession planning tips

Many entrepreneurs have found themselves running thriving businesses, but only a small proportion plan for the ongoing success of the business after they depart, which is key if you're invested in maintaining your legacy.
Below is just a summary of some of our advice that we have given to entrepreneurs over the years to help them focus on and execute a succession plan.
 
  1. Accept the fact that you aren’t going to be running your business forever.
  2. It’s never too early, getting your business right so it isn’t reliant on you or one or two people can often take years.
  3. The actual plan doesn’t need to be long – you simply need to (a) understand what your business looks like now and (b) what it needs to look like and work out how to get from a to b.
  4. What it needs to look like, depends upon what you are hoping to achieve – Employee ownership, management-buy out or trade sale.
  5. Involve the team. The employees will welcome the fact that the business has a clear plan giving them job security and opportunity.
  6. Don’t undervalue your existing team, given opportunity they will thrive.
  7. Create KPI’s so you can assess how you are performing.
  8. Can’t let go? Consider going on a sabbatical for 6 months. This will show the true strengths and weaknesses of the business.
  9. When the plan is reaching its conclusion you will hopefully have a more valuable asset and a less stressful life.
And, last but not least,

  1. Enjoy the next phase of your life!
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