Succession Planning for Small Business Owners [Infographic]


planning

Succession planning is an aspect of long-term business planning that many small business owners often neglect. In most cases, entrepreneurs are so absorbed in running their business that they fail to consider to whom, how, or when they should pass their business on.

Unfortunately, many businesses fail because they do not properly plan for the future. In fact, 70% of family businesses do not survive into the next generation due to a lack of adequately preparing a successor. So, how exactly do you begin the process of succession planning?

Here are a few considerations to keep in mind:

  • Identify a successor early on. If you have a candidate in mind, be it a family member, business partner, or an ideal employee, make sure you create a training and development plan, so they are equipped to lead in your stead when you leave.
  • Determine how to distribute your property. Once you leave, be it by design or circumstance, you will need to state in your plan clearly how your business interests are to be divided. Will the wealth pass on to your family, or be reinvested into your business?
  • Address outstanding debts and taxes. You should resolve any unfinished business in your succession plan as well. Essentially, you should leave clear instructions as to how your company should handle any fees or taxes once you’re gone.
  • Consult a lawyer. To make sure your succession plan is legally binding and adheres to regulations, you should talk to a legal expert.

To learn more about succession planning, like how to write one or how the benefits of structuring a plan, check out the infographic below:

business-succession-infographic

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Post submitted by Zach Painter

Edited by Temitope Adelekan

How To Develop A Business Plan For Your 2016 Entrepreneurial Goals (Infographic)


GGoals

Happy New Year to YOU! Thank you for starting the New Year with me. Welcome to 2016. One of the things a lot of us will be doing in a couple of days is setting goals for the new year and some of us already have. Wait a minute and ask yourself this quick question. Are your goals for 2016 S.M.A.R.T? You can read more about how to set smart goals + Goals questionnaire here (‪lnkd.in/dHUXk9J ). Goal setting is very important in all that we do and we should take it more seriously this year. Some of the benefits of goal setting are: clearer focus, optimum use of resources, effective use of time, clarity in decision-making, etc.

If part of your goals for 2016 is to test an idea out or start a new venture, out of other important things to consider, a business case is one. You can’t erect a building without having it on paper. It’s the same with business; you need to write it out. How do I write a business plan? Why do I need a business plan? What will having a business plan do for me? Here are 10 ways to develop a sound business plan (Infographic).

Business Plan

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Credits

Infographic source: Nina Zipkin

Infographic produced by: Washington State University