On Tuesday our PowerTips post covered some great ways to increase your company’s valuation if you are eventually going to sell your business.
So we figured we would stick with that same line of thought as today’s PTTV Throw-back talks about Succession Planning, or how to plan for your sudden or eventual departure from your business. Enjoy!
length 4:05 (not including bonus content)
Have you ever thought about what will happen to your business when you’re ready to retire? Or worse, what if something happened and you weren’t able to work?
The truth is that most remodeling company owners find themselves too absorbed in running the business to work on longer term problems like planning for succession.
And it’s not just lack of time.
After years of building a company, some remodelers are so strongly identified with the business, they simply don’t know what they’ll do if they’re not an essential part of the business.
Well, in today’s episode I’m going to give you six reasons why you need to start thinking about succession planning right away.
You don’t want to miss this one.
Do you have a succession plan in place? Do you have any advice to give others? Do you have any questions about setting up your succession plan?? Please share in the comments below!