Episode 12: Passing the Baton: Succession Planning for Small Businesses
Though it can be hard to imagine when you’re landing your first client, applying for a business loan, or opening a second location, there may come a time when you want to or have to stop being a business owner. That said, your business doesn’t have to come to an end because your time as an entrepreneur does (unless you want it to). There are a variety of ways to keep your company going if you step down, all of which require a plan--a succession plan.
In this episode, we talk about what it takes to plan for the continued existence of your business: what you’ll need, who to involve, and how long it takes. We also talk about exit strategies, startup narratives, the potential consequences of short-term thinking, and one thing you can do now to prepare for the future of your business, whatever that looks like.
As always, we want to hear from you: do you have a succession plan? How do you imagine the future of your business?
Mentioned on the show:
What is succession planning, anyway?
The relationship between succession planning and an exit strategy
The E-Myth (book)
How business valuation can help with succession planning and with choosing the best way to transfer ownership of your company
The role of managers in succession planning
Research on succession planning from the Harvard Business Review
Because nonprofits need plans, too: A toolkit for nonprofit succession planning from the Kansas City Federal Reserve