Succession ≠ Retirement

Don't be confused. Succession doesn't mean Retirement.

"I'm not ready to think about Retirement. I am only 72 (or 66, 54, 44, 32, 27...). There are so many improvements I want to make before I can think about leaving my business.  All this talk about succession planning just does not seem like a good use of my time right now."

While you may be right about your retirement timeline, you want to understand that retirement is not "succession." Succession is one person following another: a "new owner" following an "existing owner" (you) in a seamless transition.  Succession allows the new owner to realize their business ownership dream; the employees to keep their jobs; the clients to keep their service provider; the community to retain a valued business; and you (or your heirs) to monetize the business value you built.  Imagine the satisfaction and pride you'd feel knowing that your business legacy continues to thrive. While retirement could be included in your plan, succession is really about building a business that will live beyond you.

A business that operates efficiently when you're not there, means you created it with all the features that give it value.  Your business has systems and procedures, engaged employee "partners", and profit-based pay plans that reflect the health of your company. When your business is designed to operate comfortably without you, it is less stressful, more profitable, and is an attractive asset to others - deserving of a premium valuation when your time comes to exit.

The time to start a succession plan is the day you decide to go into business.  If you haven't done it yet, begin today.  

Perpetual Business wants to communicate our passion for perpetuating successful small businesses in America.  We hope you will embrace that passion as your own, sharing it with others that they, too, will prosper!