Georgia business owners like you put years of work into your business. Countless hours go into shaping it. You work hard to ensure that it represents you as a person and as an entrepreneur.
So it goes without say that a business successor is crucial to your business. With everything you have put into it, your business should continue in the way you wish after you leave.
Successors as a pillar of business
The Small Business Administration talks about business succession planning. One of the most crucial components is finding a good business successor. Why is this crucial? Because your successor will determine the path of your business after you leave it. Of course you can leave your requests to your successor. This may include things like how to run the company and what policies to keep. It likely also includes the core principles of the company. But after you leave the company, you have no official say in how it runs.
Preventing misrepresentation in the future
You and your business share an association. You do not want to end up misrepresented because a successor decided to take the company in a new direction. You want to ensure you and your successor are on the same page. Do you share similar world views? Do you share similar ideas on how businesses should run?
It is also important to alert your successor to their position in your company. You should do this well before they actually take over. Again, this is a security measure. No one can guarantee when they will leave a company. You do not want a surprise departure to rush you through the process. Slow and steady will help ensure you get the best successor for your business.
Kevin Tharpe
Latest posts by Kevin Tharpe (see all)
- How Does Hollywood Affect Estate Planning - September 14, 2023
