You’ve heard that saying, “All good things must come to an end.” That end for a business or organization can be as a result of retirement, passing to another generation, moving on to new adventures or less pleasant disruptions one prefers not to mention. Whether your business or organization is big or small, wouldn’t it be great to see that it has the opportunity to thrive on with its next caretaker or its operations can cease in an orderly, optimum way, whichever way you feel best. It is something we all should think about as business people — succession planning. Even as the staff person for this economic development organization, I feel an ownership and I would like my successor to have the best chance at success when I move on. So, why wouldn’t any business owner plan for his kids, or wife, or partner, or whomever to have success with the company?
Some resources:
- Tennessee Farmland Legacy – Succession planning for farms and agricultural business (Even if you’re neither a farmer, nor in Tennessee, it has a lot of information applicable to any business)
- Developing a Succession Plan – SCORE
- Plan Your Exit – Small Business Administration
- An Owner’s Guide to Business Succession Planning – The Ohio Employee Ownership Center at Kent State University
