If the company is family-run, the weight of the decision can be extremely stressful. That’s why there are various pathways to consider, based on the structure of your company.
If you started your business with someone, you can sell your shares to your co-owner(s).
Having a list of options is a great starting point and it will be at the ready when you decide it’s time to build out the details.
This could be one of the hardest decisions for a business owner to make.
Identify competencies and fold this into your succession planning.
If your company is large, you’ll want to look at succession management strategies as well, which sketches out timelines, roles and responsibilities for your leadership team.
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.
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.