It’s been said, “It’s not personal; it’s business.”
But you know this idiom couldn’t be further from the truth. As a business owner, you’ve sacrificed time with friends and family, taken some risks and had more than a few sleepless nights. You leaned on your instincts and know-how to push through those critical first few years to build something that, today, supports your family, your employees, customers, and your community. Business, to the contrary, is highly personal. Indeed, 84 percent of business owners said in a recent survey by Northwestern Mutual that they have a strong emotional attachment to their business.
That’s why it may be difficult to ask yourself a critical question: “How will my business survive without me?”
It’s not hypothetical. At some point, whether it’s a few years or a few decades from today, there will come a day when you will leave your business. And while it’s never easy to think about, it’s possible something unexpected may happen to you or a key member of your staff. What would happen to your business in that situation? You’re not alone if this question keeps you up at night: 65 percent of business owners are worried that, without them, their business may falter. Yet our research found that only 34 percent of business owners have taken steps to build a full succession plan. Now is the time to build your plan, and we can help.
Planning for your business’s future without you can reap tactical advantages today while providing the foundation for your business to prosper long after your tenure. Click the image below to learn how to get the process started.