John Kenney, CEO, Cotney Consulting Group
It is probably one of the more ignored aspects of running a business, however, necessary and vital it is. Some day in the future, you will transition your business to a new owner, key employees or family members. When that day comes, you’ll
want to have control of that process to ensure everything runs according to plan. Unfortunately, there are times when a business owner passes unexpectantly and there is no plan in place for moving forward.
One study shows that almost 60 percent of small businesses do not have a succession plan in place for either the owner or top executives. Most of those owners say they haven’t developed a plan because succession is so far in the future. Anything can happen without warning – people get injured or fall ill. Life happens. You can find yourself confined to your home office due to circumstances beyond your control or find your company without leadership with absolutely no warning. Read more.