Get Prepared for the Future: Who Will Fill Your Shoes When You Retire

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Over the past few weeks, I’ve come across a few blogs that discuss how some family-owned businesses plan for a company owner's retirement. These companies are mulling over some pretty serious (and sometimes sensitive) stuff early on (initial succession planning should be done many years before you plan on retiring. The sooner you start to have the conversations, the better) to avoid more problems once the boss’ retirement occurs.

A business owner should know the answers to the following questions when deciding who her replacement should be:

Who will take the owner’s place: Will it be a friend, or a child? How do you choose between children? And will your choice be willing to take over?

Will you sell: If you don’t want to choose someone in the family, or a close friend to take over the company, you may want to sell the company.

Source: WeKnowNext.com

No matter what you choose to do, it’s essential that you choose someone who can do the following:

Make sure everything is in order: Feel secure and make certain that the correct person is in the right place and position to take over your job when you retire.

Keep the company dynamic the same: It’s important to make sure your successor will keep the same “feel” at the company. If a new leader goes in and changes everything, it can really upset employees, which can make transition even more difficult.

Still need help? It may be wise to seek outside council. Outside consultants can help you make sure you are doing everything correct and not letting personal bias get in the way.