1. What is my timeline?
This could be anywhere from within the next year to over a decade from now. When you plan to exit your business will have an impact on how quickly you need to create your succession plan, as well as the timeline and budget of creating the plan itself. The more time you have to plan, the more thorough you can be with each step of succession planning.
2. Who do I want to sell my business to?
There are many options of who can take over your business once you exit, such as third-party buyers, a family member, or even your employees. Some options may not be the right fit for your business, so it’s important to have an idea of what each option entails. It can also help to have a back-up option in case your first option doesn’t quite pan out.
3. What values are important to me and my business?
When selling your business, it is ideal to find a buyer that will support the values that your business supports. For example, perhaps a top value is ensuring stable employment for your staff during and after the transition. Knowing that ahead of time will help you to find a buyer that supports that value.
4. Who can I ask for advice?
Succession planning can be an overwhelming task, so having an informed support team can reduce the stress of creating a succession plan. Professionals likely already involved in your business (such as accountants and lawyers) can be important resources, and hiring succession planning experts (such as SuccessionMatching) can provide a next-level of support to get you over the finish line.
5. Are there any barriers to creating my succession plan?
There are many potential barriers to creating a succession plan, so it is important to determine what those barriers are and if they apply to you. Perhaps it is fixing that shop bathroom you have been putting off, or straightening out your books to have them reviewed. Regardless of what it is, the sooner you identify an obstacle, the easier it will be to find a solution to that obstacle.