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Succession planning are dreaded words all of us business owners and employees despise. Why? Is it because you, like many others, fear releasing the control of your company? Or are you feeling so overwhelmed by current needs that planning for the future and your own “retirement” is just downright impossible? Or could it be one of the 10,000 other reasons we could name as to why it is isn’t happening? Today, let’s make a commitment to stop putting it off. We have discussed the importance of succession planning before, so we’re going to give you tips to make it a reality, without unneeded stress. Read below for three tips for easing the pains of succession planning, so the legacy you built lasts:
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Allow more time than you think…by years
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One of the biggest issues we’ve seen is individuals not allowing enough time for good succession planning. In a recent article by Jennifer Barnes of Forbes, she outlined a few of the extremely large consequences that occur when you don’t adequately allow time for all succession planning essentials. Don’t let this happen to you! Give yourself 5 years (or more) to lessen the stress, be thorough, and exit in a way that makes you and your company proud. This way you can plan for potential crisis and have breathing room within your planning years to fix any issues that may occur. Less stress = better work.
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Know your WHY
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Knowing your WHY is one of, if not the most, important aspect of succession planning. WHY do you want your business to continue on? WHY does your legacy matter? WHAT do your employees like about working for your company? WHERE do you shine so your clients continue to work with you time and time again? In other words, you need to know your value proposition and your company’s position in the client market and the employee market. Clearly documenting this will ensure that it continues once you are not (as) involved in the day-to-day business. This way your legacy truly will continue.
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Invest in help
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While it is possible to do some succession planning elements internally, this is an area where it is extremely worth the value of investing in outside help. Both from a preparing the financials and a project manager standpoint. Yes, a project manager. There are many consulting firms, like QuantumMark, who are experts in succession planning and at making the process enjoyable for you, your successor, and employees. Hiring a project manager allows you to remember all the amazing facets about your company and make the hand-off to your successor much more impactful.
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There are many worthwhile small and large tips and practices for easing the pain of succession planning. Perhaps the most important one is to change your mind frame. Stop looking at it as the chore no one wants to tackle. Look at it as an opportunity to ensure your company continues to make a big, positive impact on everyone who encounters it now and in the future.
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Interested in learning more tips for making succession planning enjoyable? Contact our team at Kim@QuantumMark.com today!
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