There are many reasons why you may decide it’s time to turn your business over to someone else. Retirement, selling the business and starting a different business are just a few. It can be stressful, emotional and a lot of work. Preparing yourself for this big step can help make things easier, so we’ve put together some ways to prepare for this transition.
Plan. Plan the hand-off carefully long before it takes place. If you want your business to be successful long after you’re gone from it, you’ll need to at least have the basics of a plan ready. You never know when things will pop up in life, and it’s wise to have your ideal plan outlined. When the time gets closer, this will help you have a good starting point.
Finances. Once the time is in view, one of the first obstacles to tackle is the finances. You’ll want to be sure your personal and business finances have thoroughly been separated before handing the business over to anyone. You may need to hire professional help to ensure everything is done correctly. This will help make the transition cleaner.
Legacy. Know who you’re handing your business over to. Choosing this person should be a very carefully researched decision. Be sure this individual or group knows the company well and will continue to run it properly. You’ll want to choose someone you trust and who can handle the weight of running a business. You’ve put time, energy, hard work and love into your company, and choosing the right person to hand it to is a very important decision.