Succession planning is not on the top of anyone’s fun list but it is essential to ensuring you have a healthy business. Your only 30? What could possibly happen?
Just this past week a friend had a cast removed from his leg. Within days a blood clot broke loose and went straight to his heart. He died instantly. He left behind a wife, two young daughters and a vibrant business. He was 35. Still think it can’t happen to you?
Hopefully he had some kind of contingency plans in place. He has a handful of employees that are speaking with clients and trying to carry on the business. The question remains how easily could your employees/family carry on the business without you?
Have you made certain more than one person knows where important information resides? Knows how to run the business?
Imagine what might happen if you are unable to show up at work every day for 3 or 4 weeks. If you do not think the business would continue to thrive during that time or being away is ‘simply out of the question’ you need to do some succession planning AND put a plan in place that will keep the doors open and profitable if you must be away for a while.
If you are not sure where to start with succession planning a good business attorney can get you going in the right direction.
