Have you thought about what will happen to your business when you are ready to retire? Do you have a plan in place to sell your business or pass it along to a trusted friend or family member?
Setting up your business for succession is key to seeing success today and when you are ready to take a step-back. Start by formulating a plan for when you want to retire or sell. This is easier said than done so here are a few things to consider:
1.Potential buyers will pay significantly less if your revenue is dependant upon your presence. If you are the reason that your business is thriving than what will happen once you are gone? You need to ensure that your customers, suppliers, insurance partners etc., are not only happy doing business with you individually but see value in the way your business operates – with or without you!
2. Is your business able to sustain and thrive when you are absent? Do you have a trusted team that can carry forward without you? Do you need to close down when you are on vacation or does business continue as usual? If the former is true than it’s time to start grooming a team to fill your shoes.
3. Systematize your business! Yes, that means putting together standard operating procedures that are in writing and shared with all employees. This is how you can ensure everyone is on the same page and that your business operates in the most effective and efficient even when you are not there.
4. Develop a training plan to select and groom staff to be able to run your facility. A training plan will not only help you set up your business for succession but will also help you run a successful business today.
If you are interested in learning more about Simplicity and our processes, click HERE and fill out the form. We will be happy to connect with you to help!