Why do I want to be a Perpetual Business?

More People Rely On You Than You Realize.

We value high-principled, hard working people, even more so when they’re small business owners.  They are, in our discreet opinion, the foundation of society.  Because of our esteem for this contribution, it saddens and frustrates us that the majority of small businesses do not survive the departure of their current owner.  In fact, just 15% or so will survive.  And, why is that?  It’s because 85% don’t have a succession plan.  And, why is that?  It’s because… Well, so far, we have yet to hear a good answer for this.

Set aside the "personal control of your own destiny" aspects of ownership and answer the following questions...write down your answers for their impact value and your ability to reference them in the future:

1. How many people in your household are dependent on the continuity of your business?
2. How many employees, spouses, and their children are dependent on your business?  Can you name them?
3. What is the annual income (Wages, rent, dividends) that flows to your household?

When considered in the context of supporting whole households and raising children, succession planning deserves a level of attention that few realize.  Let’s make this a priority in our society – the continuity of family values, hard work, and pride that our businesses support.  

A perpetual business is one that will survive the departure of its current owner and is always ready to capture expansion or sale opportunities at a time of the owners choosing. Will you be a role model for other owners? Will you help educate and encourage other owners to become "Perpetual Businesses" and ensure their contributions to our society will not fade away in the absence of a plan?

Although a succession plan can be challenging to create, it can be very manageable.  Answer some more questions to inspire your plan:

1. What is your biggest challenge as an owner?
2. How many people do you employ today are capable of full-charge management?
3. Do you have a Will?
4. Considering all of your assets, what percent does your business represent?
5. If you wanted to sell your business today for cash, what are the one-year odds of success (0-100%)?
6. In an event through which you never returned to your company, how confident are you that it would exist one year later (0-100%)
7. Do you have a written and signed business continuity plan?
8. Do you have a succession plan?

We all want the best companies to live forever.  Don’t we?  If this article heightened your awareness for planning, please share it with every business owner you respect.
PerpetualBusiness.co