Tips on Succession Planning from http://epodcastnetwork.com/handing-over-the-reins-all-you-need-to-know-about-business-succession-planning/
Every small, growing company faces plenty of challenges along the way, and many of these receive a fair share of attention. In some cases, though, the kinds of hurdles that are soon to confront a company might go without an appropriate amount of attention or consideration. A recent podcast at http://epodcastnetwork.com/handing-over-the-reins-all-you-need-to-know-about-business-succession-planning/ looks at one of these topics in the form of planning for a handover from one set of owners to another. Planning for ownership and operational succession can be more complicated than it might seem at first, but putting in the necessary work should always be a priority.
Just as a young company might struggle to gain traction, even a well-established one can easily fail should succession not be handled smoothly. Particularly with a company where a founder remained deeply involved with a wide range of activities right through the entire course of growth and development, new owners can easily find themselves confronting a huge range of unpleasant surprises.
As the podcast in question here points out, unearthing these many details and documenting them as clearly as possible should therefore be a top priority in just about every case. Should a company founder fail to do so, succession can easily take on a messy, disorderly aspect that can drag the business down thereafter.
While doing a good job of documenting all the particulars of a given business will help, though, it alone is never a guarantee of success. Because of this, many succession plans also incorporate safeguards like insurance coverage or trusts that are designed to cushion any blows that could follow. However, excessive reliance on such tools can prove to be dangerous in and of itself, as it can lead to everything from the waste of resources to an unjustified feeling of complacency.
In the end, business succession therefore needs to be treated every bit as seriously as any other new development a company might face. While it can be tempting to check out and relax with the end so clearly in sight, business owners who push forward to help with the development of a truly suitable succession plan tend to end up being glad that they did.