Developing a Succession Plan Building a Better Future for You and Your Company
Successor
When it comes to passing down a business, many owners may
Succession plans grant you the ability to leave your business in capable hands. This is important not only to keep your company running after you’ve left, but also to help you in your retirement. Handing your business over to the next generation will help fund your retirement, enabling you to enjoy the later years of your life. As you start the transition of leadership in the company, be sure to be open and communicate with your employees about what’s going on. Hold meetings where you can explain what’s happening, giving them the opportunity to ask you any questions about the process in return. But keeping open communication shouldn’t just be limited to your employees. Speak with your stakeholders and even your clients. Letting everyone know what’s happening will ensure the transition proceeds smoothly. Communication
Choosing someone to take over your business can be difficult. You have to be sure to keep all aspects of the company, your family, and
be reluctant to begin the process. Reasons for this vary from simply not wanting to choose an
heir to refusing to realize one’s own mortality. But developing a succession plan and incorporating
your retirement in mind while building the plan. Generally, business owners gravitate toward passing their business to a family member. Family members can be ideal candidates since they have typically been familiar with the business from an early stage, or they can usually be easily trained. While this may seem the obvious choice, be sure the person you have selected as heir wants that position. If they don’t have the same drive for your business as you do, it may be better to consider someone who is truly passionate about the company.
a few key factors in the process is incredibly important for both the business owner and the business itself. Here are a few reasons explaining the importance of creating a succession plan and why it’s in best interest for you and your company.
Why Succession Planning Is a Good Idea
If you own a business and are 50 years or older, it’s probably time to start thinking and preparing for a succession plan.
Laugh Out Loud
BRAISED CHICKEN AND SPRING VEGETABLES
This simple and delicious one-pot recipe is perfect for a weeknight. It only requires about 15 minutes of hands-on work, but will taste like you spent all day building flavors. It’s a hearty comfort food that’s sure to delight eaters of all ages.
Ingredients
1 tablespoon olive oil 8 small bone-in chicken thighs 1 cup low-sodium chicken broth 12 radishes, halved
4 large carrots, cut into sticks 1 tablespoon sugar 2 tablespoons fresh chives, chopped Salt and pepper
Directions
1. Heat olive oil in a large saucepan or Dutch oven over medium-high heat. 2. Season the chicken with salt and pepper. Brown in pan for 6 to 7 minutes per side. 3. Remove chicken from pan and scrape off excess fat. Add broth and stir in radishes, carrots, and sugar. 4. Return chicken to pan, placing on top of vegetables. Gently simmer with lid on pan for 15 to 20 minutes. Finish with chives.
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(Recipe inspired by Real Simple)
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