Uniquely Louisiana

Uniquely Louisiana

The subtle art of succession planning

| Apr 16, 2018

The entrepreneurial spirit is a restless one. Business starters have huge ideas, boundless energy and the ability to make those dreams reality. The downside, however, is that these types of people can feel shackled by the businesses they create after the initial energy has worn off. It does not have to be this way.

As you know, a corporation is technically immortal as long as its finances remain healthy. A strong succession plan is a tool to help you create continuity even as you move on to your next big project.

Planning for your future

If you are the CEO of a startup that restlessness can be troubling. Waning interest in the work you do leads to low energy. Low energy results in a lack of creativity, and annoyance. That can foster problematic working environments. When that happens it is time for you to move on.

There are some basic steps in deciding to make your next move without abandoning your company. You must:

· Choose the person who will succeed you

· Train your successor in their upcoming duties

· Provide all your stakeholders with a timetable for your departure

It sounds straightforward; however, it is not as simple as handing over the reins. You will have to consider how or if you will relinquish full ownership

Succession plans lead to successful legacies

The business you built is always going to be a part of your history. Its success, even if you are not a direct part of it anymore, will always reflect on you. Ensuring that your company is in the best hands is the best goodbye you could plan. If you are thinking of moving on from the company you started, contact a business succession law firm to learn more about your options.