If you’re a small business owner, one aspect of managing your business you probably haven’t given much thought to is how your business will run once you’re out of the picture. Although grim to consider, if you want your business to live on when you’re gone, then writing a thorough succession plan is essential.
So, what exactly do you look for in a successor? Ideally, you want to find someone you know and trust to run your business. If you own a family business, it may be your child, spouse, or someone within the family who has the know-how to fill in your shoes. If you don’t have a specific person in mind, having a succession plan in place will provide the criteria to hiring the right candidate.
When looking for a successor to run your business, here are some questions to think about:
- Are you considering internal candidates?
- Are you looking to promote a family member?
- Have you considered multiple candidates for the role?
- Do you have a plan to train your successor in place?
To learn more about the process of writing a succession plan, our friends at Bestow have created a nifty visual you can check out below: