08/24/2023

Lead Tomorrow: Start Succession Planning Today

Six steps to consider

The first and foremost step in considering your company’s future is to assess the available options and determine what path makes the most sense to you. You may consider transitioning the company to family. Perhaps you are considering selling the company to a third party for maximum value. Or maybe you want your hard work to continue to thrive, growing for many years.

Executed correctly, succession planning ensures continuity and allows the company to retain its values, culture and expertise. If preserving the legacy and maintaining control within the management team aligns with the company's objectives, then succession by your existing team members becomes an obvious choice.

Succession planning is crucial for all businesses to ensure a smooth leadership transition and preserve the company's legacy. By handing your company off to those you know, you are ensuring that your clients are well-known and well-serviced and that the employees you hired and mentored can continue the work you put into building your company.

Once the decision is made, there are several steps to consider.

Please select this link to read the complete article from OSAP Mission Partner UHY.