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Why should you pick a business successor early?

On Behalf of | May 13, 2020 | Estate Planning |

Wisconsin business owners have a lot on your plate. No matter what phase your business is in, you work hard to keep it progressing. Amidst all this planning, you are likely focusing on the future. But you may find it surprising that you have to work business succession plans in so early.

Many business owners do not know that they should work on a succession plan early. Many wonder why this is necessary. Today we will answer this question.

Who should your successor be?

Forbes talks about the importance of handling small business succession planning early. First, it gives your potential successor the chance to think their decision through. A business successor is a key proponent to your businesses’s future. Do you want to bring someone on board who has no interest in running a business? Giving them plenty of time to make a choice means they can be honest with their answer.

Introducing your heir to your company

Also, it gives you a lot of time to introduce your future heir to company culture. If they are around from the start of the company, it saves both of you time. The successor will not be learning about a new thing from the ground up. You do not have to teach them something they are unfamiliar with.

It is also good for you and the business. Unfortunately, life is full of unpredictable twists and turns. No one knows when they will actually need a business successor. You may end up taking care of a loved one. You may end up injured or ill and unable to work. If you have a successor chosen and a succession plan ready to go, it is one more concern off of your back.