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Succession Pitfalls: I'm Too Young To Begin Succession Planning!
November 28, 2007
Believe it or not, I have heard this phrase muttered by individuals that range from age 40-70, but typically from younger business owners who feel they are bullet proof and invincible. I can’t tell you how many times I have heard business owners state “if I die…” The last time I checked we are all going to die, it’s only a question of when. All too often it takes a tragic event to motivate these individuals to take action with regard to their succession plan. They neglect to realize how important succession planning is to protecting, maintaining and building value.
There are legitimate reasons why some choose to procrastinate which include: I have no successor, my children are too young, etc. The fact of the matter is there are alternatives to addressing the above convenient excuses. Have you ever considered utilizing your management team as a bridge to operate the company on an interim basis by offering meaningful incentives to serve in that capacity? How about developing a Supporting Outside Board of Directors to help manage the business and hold non-family members accountable on an interim basis?
The reality is you are never too young to begin! Many lives are impacted through your business including family, managers, employees, vendors, lenders etc. There is never a better time to begin than now!
Posted by Dave Ciambella on November 28, 2007 | Comments (0)
