Anyone who has started their own business and watched it grow successfully will naturally begin to think sooner or later about what will happen to their company once they have to step down.
It doesn't matter if you've started your own flower shop or if you were given the title of President of a huge company by your parent: eventually, business owners will have to think about business succession planning.
But how do you choose the right person to take over for you? For some people, the decision is simple and clear. They know exactly who will be able to run things correctly. For others, it can be a little more complicated - especially if it's a family business.
Here are a few things to ask yourself when trying to determine who will be the right successor:
- Do I trust this person wholeheartedly?
- Will this person make the right decisions?
- Is this person experienced enough in the area of my business?
- Is this person fully committed to this job? If something better were to come along, would they remain?
- Is this person a good manager of employees, peers, time, and problems?
- Is this person a strong and clear communicator?
- Is this person good with money?
- Do I find this person to be honest and hardworking?
- Does this person have good ideas and relevant input?
- Is this person motivated?
- Does this person handle stress well?
- Do we have equal values?
- Does this person genuinely care about this company?
No one can know who will be best for the job but you. Answering these questions for yourself is just one way to help you decide.
For more information on business succession planning, contact us today! We're CounterPoint Insurance, an independent insurance agency based in Bedford, New Hampshire.
Comments(0)