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How can you make your small business succession plan fair?

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If you own a small business, you might have thought about what will happen to it when you retire, pass away, or decide to sell it. A succession plan is a way to ensure that your business will continue to operate smoothly and fairly in the future, without causing conflicts or disputes among your family, partners, or employees. However, creating a fair succession plan is not always easy, especially if you have multiple stakeholders with different interests and expectations. Here are some tips to help you make your small business succession plan fair.

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Stan Peake

Executive Coach and small business advisor. 7x bestselling author, 8x entrepreneur, TEDx speaker
Brian Woods

Specialist in Business Succession and Transition at Nexus Wealth
Mudassir Mustafa

Beyond the hype is a show that I produce to tell the stories of companies that are reshaping our world.

1 Identify your goals

The first step to creating a fair succession plan is to identify your personal and professional goals for your business. What do you want to achieve with your business? How do you want to exit it? Who do you want to transfer it to? How do you want to be compensated for it? These questions will help you clarify your vision and values for your business, and guide your decisions throughout the process.

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Stan Peake

Executive Coach and small business advisor. 7x bestselling author, 8x entrepreneur, TEDx speaker
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Your goals tend to dictate your strategy, not the other way around. If your goal is to exit for the highest possible sum, you'll need to find a strategic buyer (one who agrees to a 'good will' valuation), rather than a financial buyer (one who tries to use a multiple of earnings or EBIDTA valuation). If your goal is for your enterprise to thrive and grow its' legacy long after you're gone, you'll need to attract a buyer committed to your vision, and seeing it through no matter what. This might not be the highest bidder. If your goal is to create opportunities for others through succession, you might choose to vest equity over time to your successors, who eventually buy you out of your remaining shares. Step one? Get clear on your goals.

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2 Communicate with your stakeholders

The next step is to communicate with your stakeholders, such as your family, partners, employees, customers, suppliers, and advisors. You need to inform them about your succession plan, listen to their feedback, and address their concerns. By involving them in the process, you can build trust, avoid misunderstandings, and ensure that everyone is on the same page. You can also use this opportunity to identify potential successors, assess their skills and readiness, and provide them with training and mentoring.

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Brian Woods

Specialist in Business Succession and Transition at Nexus Wealth
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Safeguarding Business Value: 5 Vital Steps for Successful Succession SMEs must navigate potential pitfalls to ensure a smooth business transition. Lacking good systems, businesses loose value due to dependence on the family Founder. To mitigate this, focus on these key areas: 1. Document Process: Have operations document reduce reliance on personal knowledge. 2. Talent Development: Invest in team training to nurture leadership skills. 3. Diversified Client Base: Broaden customer relationships for stability. 4. Strategic Partnerships: Collaborate to share expertise and resources. 5. Clear Succession Plan: Designate and prepare successors to maintain continuity. Address this an businesses can secure value, legacy during crucial transitions.

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3 Evaluate your options

The third step is to evaluate your options for transferring your business. There are different ways to do this, depending on your goals, preferences, and circumstances. For example, you can sell your business to a third party, pass it on to a family member, partner, or employee, or liquidate it and distribute the assets. Each option has its pros and cons, and may affect the value, tax, and legal implications of your business. You should consult with a professional advisor, such as a lawyer, accountant, or financial planner, to help you choose the best option for your situation.

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4 Draft your plan

The fourth step is to draft your succession plan, a document that outlines the details of how you will transfer your business. Your plan should include the name and role of your successor(s), the timeline and process of the transfer, the valuation and price of your business, the financing and payment methods of the transfer, the tax and legal implications of the transfer, contingency plans in case of unforeseen events, and the roles and responsibilities of the stakeholders during and after the transfer. It is important that your plan be clear, concise, comprehensive, and reflective of your goals and those of your stakeholders.

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5 Implement your plan

The fifth step is to implement your plan, which is the action phase of the succession process. You need to execute the steps and tasks that you have outlined in your plan, such as signing contracts, transferring ownership, making payments, filing taxes, and updating records. You also need to monitor the progress and performance of your business and your successor(s), and provide them with support and feedback. You should be prepared to deal with any challenges or changes that may arise, and adjust your plan accordingly.

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6 Review your plan

The final step is to review your plan, which is the evaluation phase of the succession process. You need to assess the results and outcomes of your plan, and measure them against your goals and expectations. You also need to solicit feedback from your stakeholders, and acknowledge their contributions and achievements. You should celebrate your success, and enjoy the benefits of your hard work and planning.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Mudassir Mustafa

Beyond the hype is a show that I produce to tell the stories of companies that are reshaping our world.
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Succession is about the next chapter, not the last page. A fair plan empowers stewards for tomorrow by valuing each stakeholder's contribution today. With open yet thoughtful discussion of shared hopes, the right path clears for business and community to carry on as one.

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Mudassir Mustafa

Beyond the hype is a show that I produce to tell the stories of companies that are reshaping our world.
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Key is balancing interests of all affected while rewarding each one's true value and loyalty to the business' continued success. Communication is key to finding Common ground.

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How can you make your small business succession plan fair?

1

2

3

4

5

6

7

1 Identify your goals

2 Communicate with your stakeholders

3 Evaluate your options

4 Draft your plan

5 Implement your plan

6 Review your plan

7 Here’s what else to consider

Entrepreneurship

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How can you make your small business succession plan fair?

1

2

3

4

5

6

7

1 Identify your goals

2 Communicate with your stakeholders

3 Evaluate your options

4 Draft your plan

5 Implement your plan

6 Review your plan

7 Here’s what else to consider

Entrepreneurship

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