Tag Archives: Succession Plan

Include Yourself in Your Business’ Succession Plan

Everyone has to leave their business one day. If you are planning the succession for your business, you need to remember to include yourself! The company needs to prepare for life without you, but you need to prepare yourself for life without the company.

So often, succession plans forget to consider the exit strategy of the business owner. Consideration needs to be made regarding their personal readiness. Without careful planning, many retirees often find life difficult after exiting the business. Some retirees get bored and choose to re-join the workforce, or alternately are forced to re-join because they are unable to support themselves financially long-term.

What are you going to do once you exit the business? While you might think that pursuing a passion, hobby or sport a few times a week sounds great, it won’t sustain you long-term, and you might find yourself without any real purpose.

It can be a great idea to start with a well-earned break. But after that, you need to plan. To feel great and make the most of life after work, you can:

  • Volunteer and help the community – it is incredibly fulfilling to volunteer and help your local community. You might like to support local charities. You could even put your skills and knowledge to work, offering mentoring or tutoring to others.
  • Spending more time with family – many retirees love to spend time with family, especially caring for grandchildren.
  • Working part-time – maintaining part-time work is a great option for those that want or need to continue earning a form of income. We are living longer, so it can be a great option to help your savings last longer. It also enables you to create a routine and a sense of purpose.

You will have to exit our business one day, so make sure you are prepared and include yourself in your business’ succession plan. Talk to the team at The Farm Protectors today to build your succession plan and prepare yourself for life without work.

Why Your Business Should Have A Succession Plan

What would you do if one of the leaders of your company steps down? Succession planning is an ongoing process to ensure the continuity of a business beyond its current management. It is never too soon to start planning. The benefits of succession planning are massive. Here are a few reasons why your business should have a succession plan in place.

Helps the business survive an unforeseen event

You can’t predict the future. At any time, an essential member of your business may become ill or resign, and without a succession plan in place, you will be left scrambling to keep the business running smoothly. You can’t plan for an unforeseen event, but you can have a plan in place with how you will respond if something happens. A succession plan will outline a strategy to fill positions as needed in your company. A succession plan takes the stress out of future change.

Identify the most qualified leaders

Creating a succession plan will allow your business to identify potential leaders ahead of time. By doing so, you can provide these people with training and coaching opportunities if needed to prepare them for the future. The business can hire internally with people well-aligned to the organisation’s goals and values, alleviates the hassle of hiring down the track.

Save the business money

Filling an executive position can be costly, especially those coming from another company as they will expect a substantial compensation package. Simply put, it costs money to lure people away from their current jobs. With a succession plan, you can promote from within and eliminate any unproductivity while a new person learns the ins and outs of the company.

Keep staff motivated

Succession planning sends a very positive message to your team. It shows them that the company is planning for the future and are committed to developing staff. Staff will be more motivated and confident in their work.

Your business needs to have a succession plan in place to prepare for the future. If you have any questions about succession planning or family business, get in contact with the team at The Farm Protectors today.