Run Your Business, Don't Let It Run You

CHAPTER 11SUSTAINABILITY AND SUCCESSION

Since planning and setting direction for the future is integral to professional management, succession planning and sustainability are a natural part of it. But it is common for business owners who are otherwise capable planners—who produce forward-looking vision and mission statements, create bold strategic plans, and do a good job of scanning the horizon for change—to fall short in this area: they run their companies as if they’re never going to retire. Many business owners avoid rather than address this crucial responsibility.

Have you thought about an exit plan for yourself? Do you want the business to stay in the family, and if so, do you want to pass on management of the business, ownership, or both? ...