Succession Planning for the Professional Firm

Posted by on Sep 12, 2013 in Entrepreneurs, Small Business Owner | 43 Comments

For many reasons planning for the next owner is difficult. The reasons are plentiful such as “I’m too young to think about it;” “I’m too busy with business problems;”  and “The right buyer will appear someday.”

All of these reasons are valid but I suggest that succession planning is just as important as your initial business plan. Why? It involves thinking about what your potential buyer is looking for. Items like a growing customer base; a strong management group; documented systems; solid administrative personnel especially in accounting and human resources; and employee motivation tools to name a few.

To be sure, many owners strive to develop these systems. However, the developing business requires investment and attention that delays the structure building. Most business founders did so  to make more money and control their destiny. Building an organization for the eventual buy-out is difficult without sacrificing some owner compensation and control. The owner must choose which direction he or she wants to take because it will ultimately affect the type of organization they create.

In my next BLOGS I will present several strategies for a succession plan with the pros and cons to each based on the way you have created your organization.   See you next week!Bob Barkett, BarkettConsulting.com

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