If you writing your business plan gave you trouble, try writing your business transition plan. Entrepreneurs incessantly think about developing, building, and scaling their enterprises. And, except for the big dream of going public or getting bought by a bigger fish, if you are like most owners, you will seldom think about transitioning your business to its next owners. And the failure to put in place a transition plan now, will almost certainly cause you or your family to lose almost everything you have worked so hard to build.
Think about what would happen if you got hit by a bus walking to the coffee shop around the corner.
- If you were unconscious for a week, a month, or longer, who would step in for you and keep your business running?
- If you died, that same question applies, as does, what would happen to your business?
- Would someone run it for your family? Why would they?
- Would someone buy it from your family? Who? Why would they? How much would they pay?
In as much that failing to plan at succeeding in your business is tantamount to planning to fail at it, failing to plan at transitioning your business is tantamount to just letting it whither on the vine as you lay disabled or dying.
Don’t just think about this. Do something to prevent it. Find a good business advisor and build a good transition plan.[reminder]Do you have any clue what your business would do tomorrow if you got hit by a bus today?[/reminder]