Succession Planning – Business Master Consulting

Exit Strategy & Succession Planning

Most small business owners don’t know what will happen to their business if they can no longer go to work. It doesn’t matter if the reason for stopping is illness, frustration, or retirement, you need a plan for your business. The plan can include training your children to take over, getting a business valuation and preparing the business for sale, developing employees to take over the day to day management or liquidation of assets. Without a plan, everything you worked so hard to build can crumble into dust in a very short time.

Succession Planning is much more than an exit strategy. What if your Chief Financial Officer was suddenly unable to return to work? Who would do his/her tasks? Is the person fully trained or would additional training be required? How about your warehouse supervisor, who takes over for him/her during vacations or in the event of an extended illness? These are the questions that succession planning answers in addition to what is your plan for future events. We believe any business with more than five employees needs a succession plan and we can help with yours.