The Financial Flipside Podcast Episode 12
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Though it can be hard to imagine when you’re landing your first client, applying for a business loan, or opening a second location, there may come a time when you want to or have to stop being a business owner. That said, your business doesn’t have to come to an end because your time as an entrepreneur does (unless you want it to). There are a variety of ways to keep your company going if you step down, all of which require a plan--a succession plan.

In this episode, we talk about what it takes to plan for the continued existence of your business: what you’ll need, who to involve, and how long it takes. We also talk about exit strategies, startup narratives, the potential consequences of short-term thinking, and one thing you can do now to prepare for the future of your business, whatever that looks like.

As always, we want to hear from you: do you have a succession plan? How do you imagine the future of your business?

Mentioned on the show:

What is succession planning), anyway? What are the pillars)  or steps of a succession plan)? The relationship between succession planning and an exit strategy) Budgeting for a business transition) What happens if) I don’t) have a succession plan? Also,some family business survival statistics). The E-Myth) (book) From emyth.com: How to Build a Business That Doesn’t Depend on You: part 1), part 2), part 3), part 4) How business valuation can help with succession planning) and with choosing the best way to transfer ownership) of your company The role of managers) in succession planning

Bonus links:

Research on succession planning) from the Harvard Business Review The ins and outs of succession planning templates) One sample template) Another sample template, and 5 steps to creating a succession plan) 5 ways to transfer ownership of your small business, with pros and cons for each) Because nonprofits need plans, too: A toolkit for nonprofit succession planning) from          the Kansas City Federal Reserve 3 examples of succession planning done right)