B E N C H M A R K I N T E R N AT I O N A L
THE VALUE OF SUCCESSION PLANNING
BENCH MAR K
IN T E RN AT I O N A L
THE VA LUE OF SUCCES S ION PLANNING
Benchmark International
Succession planning is integral to securing the future of a business, whether it’s a large corporation or a small business. While the former may have structures and processes to ensure continuity, small and family-owned businesses may not have a plan in place and often leave it late to implement an exit plan.
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Business owners are encouraged to view succession planning as more than just a ‘changing of the guard’; instead, it should be viewed as a platform that spurs company growth. Such a mindset requires thinking not only of current activities but of future actions that will lead to success. While businesses of all sizes can struggle with this thinking, it is prevalent among companies run by families.
TA K E A N H O N E S T LO O K
On the other hand, if the owner figures out they have a business, then setting up the right succession frameworks can ensure it is passed on successfully.
Benchmark International
For some business owners, the succession planning process requires taking a hard look at their roles and asking themselves whether they have a job or a business. If the owner is the only person with the skills, contacts and knowledge to operate the entity, they have a job that no one else can undertake. In such a scenario, there is no business to pass on.
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To l e a r n m o r e a b o u t t h i s t o p i c , v i s i t t h e Benchmark International blog.