I've worked with some successful clients who are in a crisis when it comes to succession planning. "Rock, am I too late?" they ask.
The answer is more complicated than a "yes" or a "no," and should be considered by all, even Millennial business owners. Let's take a deep dive into this important component in the future of your business.
Start Succession Planning When the Business is Young
Business strategists like to refer the term, "your vision.” When you’re creating your printing business, this doesn’t only refer to having a vision of emerging markets and new customers. It also refers to how you see your company when it’s big and booming.
As you create your model, there’s no reason why your succession planning needs to wait until you’re a mature company. If you’re building a business with the intent to sell it or leave it for your family, you need to think carefully about the succession plan you want in place when the time is right. That includes having the right talent structure to make the transition work.
Continue Succession Planning as the Business Matures
After you’ve created your vision and your short and long-term goals for how the business is structured, you can start to fill in the blanks and build your company. At some point, you’ll see all the pieces falling into place. The vision for your company from your early days will begin to become reality.
When your infrastructure is in place, it’s a good time to make that succession plan a reality.
WARNING: Many people skip succession planning at this time, figuring they’ll get to it when it’s needed. Why doesn’t this work? Because that’s the worst time to start succession planning.
So...Don't Wait Until Later
Too often, owners focus on succession planning when the business is on the
downside. Many printing owners today have held on to their businesses too long, and now they’re scrambling to cut loose because things are gloomy.
The time to make smart, proactive plans is not when the chips are down. You’ll only make hasty decisions that will undermine your succession planning.
Remember, they call it planning, not reacting, for a reason.
So when should you start your succession planning? It’s simple: When looking to the future, there’s no time like the present to start planning.
Here are some additional thoughts on succession planning. Want to talk? Get in touch.