Your business is an essential part of Georgia’s economy. Some notable corporations reside in the Peach State, but they represent a fraction of the business landscape. According to the U.S. Small Business Administration, 99.6 percent of Georgia businesses are small businesses.
Ensuring that you have a succession plan protects your family’s interests. However, it also protects the well-being and livelihoods of hundreds of thousands of individuals who rely on small businesses to employ them and service their needs. Choosing the proper successor creates future opportunities for your family and the surrounding community.
Follow the money
Companies must adapt to the future. When you founded your business, you had the ambition and creativity to make the right decisions to drive revenue. Look at the people involved in your company and choose someone who created new income or maximized profits through their efficiency. You might consider looking outside your business for executives if you have a larger company.
Delegate a larger succession plan
Succession within a company causes a ripple effect. Promoting someone to the chief executive officer means they must also find a replacement for their current role. Task your successor to fill their old position before moving on to their new position. This strengthens the depth of your company and speeds up the adjustment process. Ideally, everyone in your company is fully prepared long before you step down or pass away.
Many businesses fail after the founder leaves the company. Choosing the right successor is a unique skill that requires careful planning and a good eye for talent.