Building a succession plan: 7 things to consider when planning your future

It might seem like there’s never a good time to plan for the future, but many of the hassles that demand your attention now are not so important in the long run. Take the time to ask yourself where you would like to see your business in one, two, or five years. As one person said, don’t let the urgent throw out the important. You may want to sell to others or see a family member take over. You may have no relative who is interested but have employees who would jump at the chance to own the business. Whatever the future holds for your business, it’s never too early to start making plans. 

Creating a succession plan is a slow-burning process that encourages you to analyze all aspects of the business (and your life as the owner) and come up with the best option to ensure the continuance of your hard work – and the opportunity for you to enjoy the fruits of your many years of labour.

Here are seven things to ponder when planning your succession: