Succession planning

It’s best to face the future with facts

It’s never too soon to plan for the inevitable.

father and son wearing toolbelts by truckYou have built your business through hard work, sacrifice, blood, sweat and tears. The idea of letting it go is foreign and uncomfortable. Whether you plan to pass it to the next generation, sell it or liquidate, you need to prepare your succession plan and ensure that your goals for the business are honored.

Many business owners have no exit strategy in the event of their disability, retirement or death. When you are laser focused on meeting payroll, pleasing customers and managing day-to-day operations, you have little time to consider your succession plan. But having a roadmap for the future is the best way to ensure the survival of the business.

Your plan for succession will be as individual as your business.
There is no one way to accomplish your goals. But it’s important to start thinking now about the future. Our succession planning sessions will help you identify your goals, prioritize what you need to do to prepare for the transition and put you on the path to developing a viable succession plan for your company.

father and daughter in storeIn two 90-minute sessions, you’ll be prepared to meet with your Small Business & Technology Development Center (SBTDC) consultant to develop a detailed plan. You’ll learn what your options are, how to create a succession planning team, how to value your business and how to put documentation in place that will honor your wishes. In addition, you’ll learn how to train your successor, how to prepare your company for sale and how to create the best case scenario for your future.

We can help.
Letting go is never easy. But it will be less painful with a plan based on careful assessment and research. Your SBTDC counselor will help you chart the path to business succession success!

Some articles to get you started:

For more information on succession planning:

Contact your local SBTDC center. Or call 573-884-1555. Or email musbdcadmin@missouri.edu.