Why Your Business Needs a Succession Plan
Being a business owner has been quite a journey over the past year. We have experienced a whirlwind of events such as the coronavirus pandemic, market fluctuation, and a switch to a mostly virtual world. As a result of everything that has happened with the pandemic, planning for your business has never been more important. If you would like to learn more about developing a succession plan for your business, keep reading!
FAQ’s from business owners around succession planning
1. Your Leadership Team Has a Path to Follow
With a succession plan, you are providing your employees with more of a path to follow in the case of any position changes or vacancies. This type of scenario takes place for several reasons, such as an employee transitioning to another position within the company, an employee resigning, or even an employee being dismissed from their current position at your company. A succession plan allows for you to guide your team members along the strategy and path you create within your succession plan.
2. Easier to Develop Business Goals
Having a set plan in place for your employees to follow allows for more room to determine your goals for your business. Depending on how many employees you have and the size of your clientele, your business goals may be drastically different than your next-door neighbor’s. When you have a succession plan in place, it is easier to figure out who you want to lead your business and who you would want to take your place one day. This way, it is beneficial in the long run in terms of goal development for the future of your business.
3. Open Communication
Any business needs to have open communication with their employees and team members because keeping things behind closed doors can create tension and conflict within your team. Being able to express how you plan for your business to flow in the future opens doors for your team to come to you about potential positions and vacancies for roles they may feel they are more fit for than their current roles. Another benefit to having open communication is being able to further improve your strategy.
Why it’s never too early to think about exit planning
With the pandemic in full swing this year, maintaining the strategy for a business has been difficult for business owners all over the country. Having a succession plan is a great tool for implementing a leadership path in terms of who will succeed the person before them in certain positions. Not only does a succession plan open doors, but it allows for business goals to be discussed and developed, as well as open communication within your company.
Mooney Lyons wants to help your business thrive in 2021, which is why we feel so strongly about implanting a succession plan within your business. If you would like to speak with one of our financial professionals about your business and succession planning, we would love to hear from you! Give us a call at (847) 382-2600.
We are a financial advisory firm, wealth management firm, asset management firm based in South Barrington, Illinois and servicing the Chicago area offering retirement planning, investment consulting, financial planning, business valuation, ESOP consulting, estate planning and more.
Areas of practice: ESOP consulting, Financial solutions for business owners, Business exit strategies, Business succession planning, Maximizing business value, Investment strategies for blue collar industries, Tax planning for business owners, Risk management for businesses, Estate planning for business owners, Business asset protection, Retirement savings for business owners, Business owner financial advice, Business owner insurance planning, Financial security for blue collar entrepreneurs, Wealth management for business owners, Financial planning for blue collar businesses, Exit strategies for business owners, Succession planning for blue collar businesses, Retirement planning for business owners, Investment management for small business owners, Estate planning for business owners, Business valuation services, Tax planning for blue collar businesses, Risk management for business owners, Employee benefit plans for business owners, Wealth preservation for blue collar businesses, Business sale and transition planning, Legacy planning for business owners, Financial security for business owners, Customized wealth management solutions, Investment consulting, Financial planning services, Financial advisor, Estate planning, Insurance planning, Investment strategies, Financial solutions, Retirement strategies, Wealth preservation, Financial experts, Retirement advisors, Investment management, Financial guidance, Financial services, Comprehensive financial planning, Financial advisory, Wealth management, Retirement planning, Investment consulting, Financial planning, Financial services, Estate planning, Tax planning, Insurance services, Financial advice, Retirement strategies, Investment management, Financial solutions, Financial goals, financial planning services, wealth management for business owners, financial planning for business owners, exit planning for business owners, exit strategies for business owners, business exit planning, business exit strategies, investment strategies