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:

The Financial Flipside Podcast Episode 12 37:26 Share

The Financial Flipside Podcast

Shownotes Transcript

The Financial Flipside Podcast Episode 12