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Recyclers News Press
responsibilities are going to be when you move out of
day-to-day operations.
4. Prepare Yourself for Retirement
It's also important to outline a plan for your personal
transition from owner to retiree! As your successor
takes on more and more responsibilities, plan how
you will continue to be energized and involved in
other activities away from the business.
5. Install Your Successor
You owe it to your company's future and to yourself to
install your successor during your lifetime. Once that's
accomplished, you need to let your successor carry
out the role for which he or she has been trained. Ulti-
mately, your successor's success or failure is up to
him or her. You can only lay the groundwork, provide
the training and establish a culture for your company.
While succession planning is a challenging task, it is
worth the reward of watching your business grow and
succeed in the next generation. As you work on your
succession plan, be sure to seek the assistance of
outside advisers such as your accountant, attorney
and your investment or insurance professionals, since
your succession plan will have far reaching impacts
from a tax, investment and legal perspective.
REFERENCE: This article was adapted from
vailable via the Small
Business Administration website at
Developing a Business Succession Plan
How are you going to exit your business to retire?
