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Considerations in choosing the right business successor

Chances are, you spent the better part of your life building and developing your business. Now that you are thinking about saying goodbye, you want to make sure to leave your business in the right hands. Typically, the longer you give yourself to work out your business succession plan, the better. Even if you do not plan to retire or otherwise leave your company in the near future, it still may serve you well to start thinking about the succession process.

So, what can you do to streamline the succession of your business and make sure you leave it in the most capable hands?

Avoid focusing on just one person

Often, business owners have the impression that they need to select and groom one specific person to take over their business, but this is not always the best option. If you have some time to figure things out before you turn over your company, it may serve you well to select several different people as potential successors, so you can ensure the person you ultimately choose has the skills and mindset you desire.

Develop your candidates

Once you have a shortlist of possible successors nailed down, give some thought to how you want to develop them for succession. Maybe, for example, you want them to brush up on certain skillsets or further their education in a particular area, or maybe you want them to shadow other senior leaders within your company to get a better sense of how you do business.

Consider looking externally.

Many business owners prefer to choose a successor from within, but in some cases, the people already working for you may not be your best candidates for a successor. In some cases, if the people already working for you lack certain qualities or skillsets you consider important, you may need to look outside your organization to find the best person for the job.

Finding a business successor involves numerous considerations. The more time you give yourself to devote to selecting and shaping a successor, the smoother the transition will likely be.

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Schwartz Law Firm
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