Monday, 23 July 2018

Information and commentary for the small business banking industry

Why your small business customers need succession planning

01 Mar

It may surprise your small business customers to learn that having a proper exit strategy in place is important even from the earliest days of being in business. The reason is, of course, that you never know what’s around the corner. From receiving an unexpected offer that’s too good to pass up, to facing health issues that mean they can no longer run their business, it’s wise to be prepared so that they can step down if they have to, and that the transition will go smoothly.

If they’re planning to hand the reins over to a family member or employee, then succession planning is an absolute must. The designated person needs time to learn how to manage the business, while the current owner is still there and running things. Handing over control should be done by degrees, not all at once, or even the most confident and experienced person can feel overhwelmed.

So it’s useful to have content around succession planning available on the small business section of your website. From grooming successors to documenting processes and stabilising the financial position of the business, there are many aspects of succession planning that your small business owners would benefit from becoming familir with.

The below article looks at succession planning in more detail.

Read the full article at:

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