Business Succession Plan

Put your company in the hands of a trusted employee who lives and breathes what your company stands for and has a vision for its future.Once you have someone in mind, create a process that will give the employee the chance to take over the business when you’re ready to leave. Alternately, you could seek out an entrepreneur or find someone outside of your company who has the skills to fill your shoes.Most importantly, it can protect the business, brand and unique culture you’ve created.

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Keep these tips in mind as you plan: Once your plan is set, you’ll find yourself resting easier because your business legacy is safe, come what may.

The year was 1955, and homeowners couldn’t imagine adjusting their furnace from across the room, let alone through a mobile phone that tracks your location as you drive home and fine tunes the temperature moments before you walk in the door.

This might have been true a decade or so ago, but Canada’s entrepreneurial culture has shaken this up and made this a must-complete task at the beginning of a new venture.

Whether you own many companies or focus all of your efforts on one, a succession plan will help you prepare for the unpredictable future.

The Bell Brothers headquarters sits on the former site of a coal distributor.

President Jason Gassmann’s office is situated where a giant scale once weighed heaping loads of coal.

If you make a product that relies on imported resources, trade negotiations can disrupt the bedrock of your business.

Depending on what stage you’re at with your business, it might not be clear which succession pathway you want to choose.

This is a chosen path for family-run businesses, where children of the founder often work for the company, giving them an intimate perspective into how the company works.

As this is a major family decision, it has the potential to impact the dynamics of a family.

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