By: Mike Bloom & Josh Bennett
Create a Succession Plan
Have you began to consider who will lead your business after you exit?
Many closely-held businesses heavily depend upon their owners for their continuing success and survival. If you personally handle many of your company’s key responsibilities and can’t step away from your business for two weeks to go on vacation, buyers may experience difficulty finding your replacement when it is time to sell. The best way to avoid that problem is by creating a succession plan.
Creating a management succession plan is about making yourself less relevant to the survival of the business and delegating daily responsibilities over time to key employees including someone who is capable of one day running the company.
Your succession plan is key not only to ensuring the long-term survival of your business for those who depend upon it, but your company will be more marketable when it is time to sell if it can operate in your absence without your constant supervision.
Already have a succession plan in place? Do you think you are ready to sell your business? Take the Seller Readiness Quiz to see if you are ready to begin the sell-side process.
About Piedmont M&A Advisors
Piedmont M&A Advisors is a boutique investment banking firm specializing in buy-side and sell-side transactions for businesses with revenues between $10 million and $200 million. We also provide capital raising, valuation, and strategic advisory services.
To learn more about Piedmont M&A Advisors, or to discuss questions you might have today about selling your business, contact us today for a free consultation.