Maybe you love your work so much that you can never imagine stopping. Unfortunately, life does not always go to plan. It can throw up surprises that force you to stop doing what you love, perhaps much sooner than you think.
So, it is always best to put a succession plan in place for your business, even if you never intend to use it. Besides, knowing you have one gives you the flexibility to retire sooner if you reach the stage where you tire of the daily routine.
Here are three groups of people that could benefit from your planning:
1. You and your family
Knowing that your business can continue without you provides security. Maybe you’ll rely on the money coming in to pay your hospital bills after a severe injury that forced you to step back. Or perhaps your spouse and kids will rely on it to live if you die unexpectedly. Alternatively, it might just be nice to take a back seat and enjoy your retirement with a steady income stream.
2. Your clients
Customers can, of course, find someone else to work with and perhaps some will if you leave your company. Yet some business relationships are so dependent on each other that uncertainty in your company could damage the other company too. Putting a plan in place makes for an easier transition for you both.
3. Your employees
Hopefully, you will reach a point where you have enough in the bank to walk away without ever needing to work another day in your life. What about your employees, though? If you suddenly decided to call it quits without a plan for anyone to take over, they may soon find themselves out of work. Even if they don’t, it may be a stressful and unpleasant situation for them.
Getting legal help to create your succession plan can ensure it’s there should you ever need it.
Notice: We are providing this as general information only, and it should not be considered legal advice, which depends on the facts of each specific situation. Receipt of this content does not establish an attorney-client relationship.