Just as you took time to examine the market and assess your needs before starting a business, it's essential that you allow yourself ample time to create your family business succession plan.
In fact, any of a number of situations can bring you to succession planning, so you can enter the process at any "step” along the way.
These steps might be better seen as points on a circle, each one connected to all of the others.
Our process is not meant to replace the work of accountants, lawyers and other professionals — rather, to ensure that you have asked yourself all the right questions and considered all of the key issues before you visit these professionals.
Our goal is to ensure that your interests, your family’s interests and the business’ interests are equally well served, and to make you a more sophisticated — and efficient — consumer of the other professional services you will require as you prepare to exit your business.
According to Nationwide’s Survey, fewer than half of small business owners who do have a business succession plan have discussed it with their financial advisor or lawyer.
Considering how much time, effort and personal resources have been invested in making your business a success, you'll want to make sure you receive professional advice on your plan.
But one thing that successful business owners may overlook is creating a plan for the long-term future of their business.
According to Nationwide's recent Small Business Survey, three out of five small business owners don’t have a plan for what to do with their business when they are ready to retire.
When you allow yourself more time to plan for the future of your business, you can begin evaluating family members or employees based on their interest, managerial and entrepreneurial skills.
With a good plan in place, you can begin to not only prepare the individual for his or her future role, but you can also help avoid conflict when it's time to hand over the family business to your successor.