Succession is the planning of who it is that will lead your business into future decades. Your business that you built is your “baby,” and it matters to you existentially that it continues to succeed after you have moved on to what is next.
Financial Harvest Wealth Advisors finds prudent succession planning and succession success has many benefits, not limited to:
- Seeing your business continue to succeed after you have left, is deeply meaningful and fulfilling
- Continued success ensures higher earnouts for you and reduces risks of default on installment sales
- Higher sale price from high multiples due to expected continued growth
- Maintains the culture you helped produce
- Transitions your business to the new owners and leaders on thoughtful strategic terms instead of reaction to crisis
- Increases your autonomy to be free from the business operations
- Takes better care of your customers with continuity of service
- Takes better care of your employees knowing the future leaders are well qualified and prepared
Many wait until late in their career to begin thinking about succession planning. However, those that are most satisfied with the exit and succession, start planning a decade or more before their exit. Succession success is intentional, not accidental.