One of the benefits of developing a succession plan is that you will have also identified potential employees that may want to buy you out in the future.

Early identification of partnerships would allow for sharing the workload and arranging an orderly exit from the business in the future. Including an outstanding employee as a partner will also insulate that individual from being poached by other companies.

As the buyer of a new business, it may be tempting to hold off on succession and retirement planning. It is as important to organize your exit as other aspects of your business. The adage about being “hit by the bus” could happen at any time. Rather than being paralyzed for a period of time, you have the opportunity to be proactive should the unforeseen happen, which will protect your business, your employees, your suppliers, and your family.