You may be new to the world of small business, and you’ve just obtained your small business financing. So, is this really the time to talk about succession planning? Actually, it is.
Did you know that many small businesses do not survive the loss of their founder? They may start out strong with lots of ideas for growth, but owners often do not name successors should changes occur, such as partners selling their stake or, sadly, when they die.
And did you know that more than one-third of all family-owned businesses do not survive very long into the second generation of ownership? Again, this is an example where a succession plan is needed. Does your son or daughter want to follow in your footsteps? Now is the time to ask and, if needed, make alternate plans for the future.
Even if you are just out of grad school and are beginning your first foray into small business entrepreneurship, you should set end-goals in place. This goes back to the Strategic Business Plan we talked about previously. To recap: Think about where you want your business to be in one, five, and 10 years from now.
In fact, a lot of factors play a role in planning and staying in business. Did you step out of the corporate world just five years shy of retirement to pursue your dream of opening your own business? Do you have plans of expanding your operation or branching out to more locations?
Knowing where you expect to be in the near (and not so near) future is good planning for success. Your grandkids may just say thanks.
Speaking of planning ahead, Biz2Credit has professionals who treat you individually. Call (877) 861-2210 or visit us on the Web https://www.biz2credit.com.