Succession Planning for Your Business
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Posted by Sarah B. on May 10, 2017 in Merchant Focus

 

When you think about your business and all of the daily, monthly, and annual tasks you have to complete, your succession plan may be one of the last things on your mind. This should not be the case.

 

Proper succession planning is not only the key to the future of your business, but also your personal future. If you are fortunate enough to have a family member or key employee who would like to step into a leadership role as you look to retire, you have a head start on your succession planning. If you don’t, don’t worry. You have other options.

 

It will take years to get things in order, so planning ahead is important. Here is some general information to help you on your journey:

 

  • When you are considering your retirement time frame, keep in mind that your business will be better off if you remain involved during the transition from your leadership to your successor’s.
  • In addition to a succession plan, you may need an estate plan, a legal plan, and a plan for what should happen if you become disabled. Who should you look to for advisement on these issues? Your lawyer, a trusted financial advisor, and your local Economic Development Agency are all good places to start.
  • Formal training for your successor is critical to the future of your business. A family succession plan can be complicated if you have more than one family member succeeding you, as each person will have a different role and responsibilities, which can lead to different compensation. Being open and honest with your successors upfront will help prevent issues from arising later on.
  • Finally, remember that the continuation of your business affects more than just you and your successor—it affects your employees, their families, your customers, and the community where your business is located.

 

Your business has been your life’s work. Planning for its future success should be a priority. Check out these additional resources to guide you through your succession planning process:

 

Sarah B. is our Retail guru
Sarah B. came to Acuity this year with a background in retail. She studied Interior Architecture in college and completed an online business education program through Harvard Business School. She also has a wide range of commercial insurance experience and has earned her Associate in General Insurance (AINS), Associate in Insurance Services (AIS), and Chartered Property Casualty Underwriter (CPCU) designations. This made her the perfect addition to the Acuity Mercantile team. If she could travel anywhere in the world, she would return to Italy. She spent three weeks there during college studying architecture and design and has wanted to go back ever since.


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Posted By: Aaron S. on December 1, 2017 in Merchant Focus
There is no doubt that small business owners are busy people. Your business takes up nearly every free minute and the tasks never seem to end. During the holiday season, all of this gets magnified, and it can become more difficult to manage.