What are common business succession mistakes?

On Behalf of | Mar 30, 2020 | Business Succession Planning | 0 comments

If you own a small business, it is essential that you have a plan in place for what happens when you will no longer be able to run the business. Having a business succession plan in place gives you a peace of mind while also ensuring that you will not leave your customers hanging. There are many ways to create a successful plan, but there are also some common mistakes that people make that could derail your good intentions.

According to Talexes Talent Solutions, one of the biggest mistakes in business succession planning is not doing it or putting it on hold. You never know what the future holds. It is best to create a succession plan as early in your business as possible to ensure that the company does not suffer if you can no longer run it.

Another common issue is choosing the wrong person to take over in your place. You need to ensure that whoever you pick is someone who can handle the job. You want to be able to trust that person and know that he or she has what it takes to properly run the business and keep it successful.

On the other hand, you do not want to make the naming of your successor a competition. While you may consider several different people, try to avoid making them compete for the position. You want it to go to the person who is the best fit for the job, not the person who is the best campaigner.  Weigh your options carefully and discuss with everyone why you made the choice you did.