Having a solid succession plan in place is crucial to ensure a seamless transition of ownership, especially when faced with the unexpected. In fact, this exit strategy should begin as early as day one. According to Rocket Lawyer, however, 72% of companies don't have one. Here are some tips to get started.
), unexpectedly passed away at age 78 on Sept. 29 while working out at his local gym.
"We found out about Tom's passing late on Sunday night," she says. "By 8 a.m. Monday morning the management team was on the phone and revising its strategic and communications plans. An hour later employees knew what was happening, and we started reaching out to our support network of advisors and experts. Within a week numerous individuals had stepped up to help take on Tom's different responsibilities and fill in any strategic gaps.
Whatever the reason — whether too hands-on, too short-term-oriented or too reluctant to give up control of their enterprise — small business founders are often too absorbed with other priorities to give long-term planning proper attention in their business., nearly 8 in 10 blame being too preoccupied with managing their firms' day-to-day operations for this oversight.
Happily, though, given how increasingly volatile the market is becoming, more business owners are making a point to adopt this philosophy and build succession planning into the fundamental DNA of their workplace. "In today's working world, where businesses and careers are more fluid than ever, nothing should ever be considered permanent," suggests Zimmerman. "Having a succession plan in place can help you protect your business from whatever unforeseen twists, turns and happenings that the future may bring."With this in mind, experts recommend taking a more forward-thinking approach to business strategy to lay the groundwork for continued success.
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