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Why You Should Have a Succession Plan for Your Small Business

Whether you built your small business from the ground up or inherited it as part of a family tradition, your business is important to you. Do you know what would happen to your business in the case of your death or retirement? You put so much time and effort into your company. Succession planning can help you ensure its future.

What is Succession Planning?

When you develop a succession plan, you make sure that your business is prepared for anything. Succession planning means putting steps in place for adding new leadership in case anything should happen to the company’s current leadership. Although succession planning is excellent for emergency preparation, it’s not just for emergencies. You can also make a succession plan in order to cement your company’s future when you retire.

Protect Your Vision

You are the creative force behind your business. From day one, your specific vision was the roadmap to your company’s success. Your values, goals, and leadership vision are important to your business. What would happen to that vision if the leadership suddenly changed? Succession planning can help you make sure that your business maintains its original vision. Your company will always have room to grow, but you want to ensure that the original values also stay intact. You can do just that with succession planning.

Protect Your Family

A succession plan will also protect your family’s connection to your company. Is your company a family business? Succession planning will keep it that way. If your business is what covers your family’s current financial needs, you can rest assured that your family will continue to be taken care of in case of emergency.

Give Yourself Options

The right succession planning team will help you to examine all of the potential possibilities for the future of your business. From there, you can look at your long-term vision for the company and put your succession plan into place. You’ll gain clarity and peace of mind with each “what if” question you eliminate from the equation.

Let Legacy Armour Help You

At Legacy Armour, we want to help you secure what’s important to you. Legacy Armour is a life monitoring service that allows you to sort and store encrypted information to help you plan for the future. Succession planning allows you to protect the business you worked so hard to grow. If you’re ready to begin your succession plan, start your free trial now. Secure your legacy today.