In a Bizjournal article, M&A specialist Michael Lamm explains how succession planning can be a headache for most business owners and how properly planning for it can count as your greatest success.
According to Lamm, you should pay attention to these factors throughout the succession-planning journey:
– Be fair, mindful, and transparent with your management team and employees.
– Don’t leave a mess behind you, lest you destroy your legacy and burn your bridges.
– Factor in the company’s culture.
– Have a contingency plan in place, just in case things go south.
– Be creative but mindful of your own limitations.
– Enlist the assistance of a knowledgeable third party.
Do you have a succession plan, and is it aligned with your business goals and values?
