Few of us want to work for ever. However, one of the greatest concerns or issues facing a business owner of how does he or she find a person to take over the business. One possibility of course is to sell the business to an outsider. Depending on the business that may or may not be a good possibility. Another alternative is to groom employees or family members take over the business when you’re ready to step aside. Regardless of whether you plan to sell the pistons or arrange a succession plan to have it taken over you must plan for this eventuality some time in advance of actually leaving the business.
One of the realities of only a small business is that in most cases you will be unable to sell it for enough to live on that you are no longer working. And for that reason, a well-funded retirement plan is a critical part of making any kind succession plan viable.
The other aspect that must be considered is getting a business ready to sell. This involves moving from running the company by the seat of your pants, to developing systems and procedures so that a new manager can step right in and take over a business and operate it in a profitable manner.
