Is your management style “leave it to chance” or deliberate?

Many small business owners anticipate transitioning their business to the next generation. This generational transitioning is one of the hardest obstacles that a business will face. Which family members have the right skills sets and, as importantly, the desire? Are they going to be ready for these role(s) at the time that you need them? Proper transition can either break a small business or take it to the next level. Are there key employees who should fill these roles instead of family? Should you be looking at takeover or sale involving a third party? Communication and a clear vision of every aspect of the transition (which may be three to ten years or longer) are paramount to a successful transition.

Succession planning is an integral part of any business. Just as your business is unique so too is your succession plan.

Read more: Bay Bank News for Entrepreneurs