TRANSITION
PLANNING
Planning Ahead
Transition planning is something that could be considered inevitable for a successful business. For some people, this thought might bring anxiety or fear. But those that embrace transition while viewing it as a sign of business success and a job well done will have an amazing opportunity ahead of them.
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It is sometimes apparent which businesses have a long-term plan, and which ones don’t. Characteristics of a business that has a long-term plan include:
Innovation with a drive for constant improvement
Improved production & profitability
The ability for expansion & growth due to their understanding of future obligations
Successors investing the time into personal & professional development, because they know what is, and will be asked of them
A senior generation who is comfortable with the migration of management and leadership because they welcome successor development and have developed their long-term personal plan
A business owner who is considering a transition plan has certainly realized success throughout their career.
To be successful, they had to overcome unforeseen challenges, grow through tough times, and find a path to sustainability. But, succession planning is something that can seem like a daunting task, simply because it is something that you have not done before. When using a proven process though, it becomes reality that this task that is sometimes intimidating task is something that can be achieved.