It’s important to consider the future when you run a business. Whether you have a detailed business plan or a more vague collection of ambitions, they will guide your current decisions and strategy. But what happens if something unexpected impacts your ability to work, or you decide you want to move onto something else? This is why you need a succession plan for your self-employed business.
Like pension planning or writing a will, it can feel unpleasant to consider a future where you’re not integral to your business. Which can make it tempting to put off or ignore. But that can make the transition a lot more stressful and difficult if it becomes unavoidable in the future.
There can be pleasant reasons for changing the ownership and management of your business, or unpleasant and unexpected causes. In both cases, a little preparation will make the transition less complicated and stressful for you, any partners or employees, and your family.
