Hard as it may be to hear, you can’t run your business forever.
At some point there will be a time where you’ll want (or need) to step aside, and when that day comes, you’ll need to be prepared. Turning over leadership in a business is not a simple task. It requires years of careful preparation.
It requires a succession plan.
A succession plan is a detailed business strategy that identifies potential leadership successors within a business and positions them to lead while also slowly transitioning out existing leadership over a certain time period.
Also designed to streamline the transition process, a succession plan ensures a strong business leaving one owner’s hands remains a strong business under the next owner.
That aspect makes succession planning extremely useful when passing on a business in the heavy-duty dealer market.
You don’t want your business to lose value the instant your child or a long-time employee take control.
