Educating Business Owners For Sound Succession Planning
Transition is inevitable in the business world. Unfortunately, we cannot work or live forever, so it is essential that you prepare your business for the eventuality of your exit as a business owner or leader. More often than not, business owners in their prime are focused on the development and growth of their organization, not what will happen when they decide to retire or creating a succession plan for an unforeseen absence. What this means is that when the time does come for a business owner to make their exit, their organization is often not prepared and struggles or fails in the wake of their loss. To prevent this downfall, the business owners of Portocol Business Strategies, Auctoris Financial, and Quist Valuation have teamed up to present a succession planning dinner and cocktail hour that serves to educate business owners on developing a succession and exit plan in conjunction with their other current business efforts.
The Importance Of Succession Planning
Succession planning plays a key role in the longevity of your business. Not only does it offer an effective guide for moving forward throughout the inevitable changes one will see in a business over time, but it also serves to retain your top performing employees. Let us explain.
As the business owner, you are intimately familiar with who you are as a company and where you see your organization going in the future. In a perfect world, your leadership teams’ expertise in this area would parallel your own, but that is not often the case. Effective succession planning allows you to create a pathway for the future by selecting and developing key individuals to fill the gaps created by your absence.
Additionally, other top performing employees may be elevated to more responsible roles as new gaps are created. When the business owner and the leadership team knows where the business is headed, even in the face of transition or change, these high-caliber employees can feel confident in their role in the organization and prepared to step into new roles if and when circumstances require it.
Developing A Succession Plan
Succession planning is more than just planning for the end. In fact, successful succession planning relies heavily on building your business in the present. In doing so, the “what ifs” of humanity loom a little less threateningly. The business experts from Portocol Business Strategies, Auctoris Financial, and Quist Valuation are proud to introduce a Succession Planning Dinner Event to share their expertise with like-minded business owners who want to prepare their businesses for right now and the future.
This event invites business owners in all stages of ownership to come together and discuss key strategies for:
- Building a business investors will pay top dollar for
- Understanding the stages and activities of sound succession planning
- Preparing your organization for your eventual exit
This educational and impactful event will give business owners the insight and guidance they need to build a business whose value will withstand the tests of time and transition.
Check out our event calendar to register for the next exit and succession planning dinner and cocktail hour and start preparing your business for long-term success.