As the owner of a successful operation you likely have several part time and full time employees and a standard way to doing business that has served you well over the course of the enterprise. Full retirement may not be for you. The sale of the business is not something you are ready for.
Enter the need for a phased in succession planning process and a reduced work and responsibility role for you. Start the process now. Look at the people in your employment and identify at least 2 candidates that are ready and able to take over a significant portion of your duties
Start training the person identified immediately on the duties and responsibilities that you currently manage. Step back in the process and allow that person to make some changes. After the training and period of stabilization take a complete break from the business and have the newly trained employee be responsible.
You may learn that you enjoy the freedom to come and go from your business as you please. You may find that new sources of revenue materialize. With that realization letting go and working fewer hours allows the details of the succession planning process to include a structured plan for your eventual exit.
Need greater clarity on the process for starting a succession plan – contact me to discuss.
Solo and Small Biz Change Agent, Marie-Helene Sakowski at info@effectiveplacement.com
