How to Make Sure Your Business Lasts Long After You

It’s often the single most neglected element of business ownership. No one wants to think about it. But failing to choose a successor for your company’s leadership can result in devastating consequences for your family and employees.

With a Succession Plan, Your Business Can Last When You are Gone

Yet far too many small and family business owners neglect this step. A Small Business Survey conducted in 2017 by Nationwide showed that fully 60 percent of all small businesses lacked any kind of succession plan.

Failing to plan may literally be planning to fail in this case. A strategic succession plan helps you prepare your company’s future leaders so that the business can reach its goals. It helps you retain loyal employees and grow to become a more stable, resilient organization that’s prepared to meet the challenges of tomorrow.

To help your company survive and thrive after your departure, start to create your own succession plan today. Here’s how.

Start Succession Planning Early

It pays to plan early — literally. For example, you’ll want to adjust your tax strategy in particular if you want to sell the company to an outsider. You’ll want to maximize profits to make…