Optimize Succession Planning
Easy March Madness Chili
2 THINGS TO CONSIDER
An entrepreneur’s career is built on navigating new roads, but when it comes to handing over the controls, doing so isn’t always easy. When you fail to create a succession plan, this becomes almost impossible. Succession plans provide a map through which business owners can legally and smoothly pass their business onto a new leader. These plans can also serve as guidelines for replacing shareholders and owners in the event of unexpected death or incapacitation. Not having this plan, or failing to update documented procedures, will leave your company vulnerable in emergency situations.
Inspired by MyRecipes.com
Cheer on your favorite team and chow down in minutes with this easy chili recipe!
INGREDIENTS
• 2 lbs ground beef
• 2 16-oz cans diced tomatoes
Here’s how you can avoid that.
• 2 tbsp chili powder
Determine the best plan for your business. Carefully consider who should replace you or your shareholders. This may look like assigning a specific person to the position or assigning a current role to these positions. For instance, you may decide the person in your chief financial officer position is the best employee to replace you, regardless of who fulfills that role at that time. To find the right person for this position, ask yourself who could step up in an emergency. Do you trust them to run your business in a way that propels it forward? (If not, start training them now!) Do they share your values? If so, you have found your replacement. Make it legally binding. Once you have determined your successor, it’s necessary to memorialize it with valid, legal documentation in your estate plan and through your company’s governing documents, such as corporate by-laws, resolutions for corporations, or an operating agreement for your limited liability company, outlining these very wishes. If you fail to do so, the fate of your business could fall into the hands of the legal system, where decisions may be made on your behalf that don’t align with your wishes or goals. And don’t assume your team knows the plan for your exit from your company. It’s important that the key players involved in your succession plan understand their roles and expectations in an emergency or planned exit. Overview what you would expect of them, and if the time is right, start training those employees about how to preserve the legacy you have built.
• 2 16-oz cans small red beans
• 1 tbsp Creole seasoning
• 2 8-oz cans tomato sauce
• 1 tsp ground cumin
DIRECTIONS
1. In a deep pot, brown the beef, stirring often.
2. Once beef is cooked, add chili powder, Creole seasoning, and cumin, cooking for 1 minute. 3. Stir in diced tomatoes, beans, and tomato sauce and bring the mixture to a boil. 4. After the mixture boils, reduce the heat to low and let chili simmer for 15 minutes. 5. Serve with toppings of choice, like cheese, sour cream, or chives. INSPIRATION “Wonder is a heightened state of awareness that’s brought on by something unexpected that can delight us or disorient us or both.” –Jeffrey Davis
Our team at Douglass & Runger can help you create a succession plan that is best for your company and your goals. Learn more online at DouglassRunger.com.
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