When structuring a business, Tennessee entrepreneurs may ask themselves questions about succession plans. A common one is: is it too early to make a business succession plan?
The answer to that question is a resounding no. It is never too early to make a business succession plan. In fact, experts recommend creating one as soon as possible. Regardless of how old or young you are, a succession plan is a good step to take.
Why should you make a business succession plan now?
Forbes takes a look at steps to take for creating a good business succession plan. But first, why should you even be worrying about this? Many new business owners are young. You may plan to stick in the business for decades to come.
But to put it simply, life is unpredictable. You cannot tell now what your business will look like in a year. You do not know what it will look like in five years, or ten. You do not know what your life will look like, either. Your circumstances may change. Your ambitions and inspirations may change. You could find passion somewhere else. Your health may take a sudden turn for the worst. You may end up in an accident that limits your ability to work.
Planning for the best and worst
In essence, the smartest thing you can do for the longevity of your business is plan for every scenario. This includes worst case ones that you may not want to consider.
It is never too late to start making a succession plan. Once you have decided to do so, waste no time in finding a successor and working out the details. Ensure that you can pass your business down in the way you want to. Rest easy knowing your successor understands and accepts the responsibilities.