Business brokers Orange County will come in handy when you want to get your business off your hands. The broker will work with you in drawing up a succession plan, help get your business ready for a sale and enable you find the right successor. However, succession planning is not something you should take lightly. It may mean many things to different people.
Succession planning is not a priority and is obviously an emotional issue. Whether you want to pass your business on to a family member or an employee, you have to make sure that you consider all your options before making the final choice. There are many reasons why you would want to pass your business to your successor. The key reasons include disability, event of death, illness or just the need to retire. Having a well thought out plan is important and a business broker Orange County will help with that. Here are some of the things you need to do when it comes to succession planning.
Developing the succession plan early will make it easier for you to smooth the transition. Yes you may not need to implement the plan any time soon but having one in place will help you prepare for the unexpected. There are so many factors that may move up the timeline.
Get outside help
You have obviously given your business a lot to get it where it is now. The last thing you want is to pass it on to someone who will bring it to the ground. This is why you need expert help to help you evaluate your options objectively. You need business brokers Orange County, accountants, attorneys and financial advisors. Pooling together these resources will help you come up with the best possible succession plan. They will evaluate your options more objectively to help you ensure that everything is in place.
Involve the successor
The last thing you want is to come up with a sound succession plan only for the successor to turn you down. To avoid discontent, you need to involve your successor in the plan. Bringing the successor on board will create goodwill and support.
It is also important that you train your successor. You want to make sure that once you leave, your successor will know and understand what it takes to run your company and how to keep it successful. Train and work with your successor. The successor should understand the big picture and not just the duties.
Consider the financial impact
Your succession plan should also include a financial plan. The last thing you want is for your heirs to deal with heft gift taxes that they cannot stomach. You should also liaise with your business broker Orange County to ensure the business valuation is accurate.
Last but not least, make sure the person you pick is up to the task. If you feel he is incompetent, there is no harm in going for another employee or family member. It doesn’t necessarily have to be your eldest son. You want the most competent son.