One of the Seven Habits of Highly Effective People is to begin with the end in mind. It’s never too early to look at options.
Even if you don’t plan to retire or leave your businesses any time soon, it is important to prepare your company for a future without you. This enables you to think through contingencies for you or your key employees before they happen.
- Deciding When and Whether to Sell Your Business (NOLO)
- How to Create a Business Succession Plan (Investopedia)
- Plan Your Exit (SBA)
- Putting Value on Your Business (SCORE)
Some businesses have found success in converting their business to a worker owned cooperative and by so doing keeping the business in operation in their community. The NW Cooperative Development Center along with the Small Business Development Centers can assist your business with this type of transition.
It is hard to think about exiting your businesses, but it is never too early to plan. Preparing now will likely bring a peace of mind to you so that you can get on with what is most important to you succession planning is easier than you think!