Unfortunately, business succession is not a top concern for many business owners in Northeastern America. Owning a business is like raising a child—you never expect that your work will one day come to an end.
Most people cannot work forever, even when that is their wish. Sooner or later, you must consider having someone take the reins when you decide to leave your Massachusetts or New Hampshire business. If you do not consider business succession, the company you worked so hard to cultivate may die on the vines, ending your legacy forever.
Choosing a business successor
Some owners intend to work until they die, but what if you suffer a debilitating illness or injury? Others automatically assume a child or relative will take over, but what if no one in your family is interested in your business?
Start a conversation with your family members about succeeding you when you can no longer run the company or want to retire. If they have no interest in taking over, begin looking elsewhere within your business. Possible succession candidates include.
- A family member
- A manager within your company
- A human resource professional
- A protégé under your wing
Armed with your list of possible candidates, use objective criteria (examples below) to pinpoint the ideal successor.
- Search within your family and company to identify potential successors
- Determine which candidates are most interested
- Evaluate your selections for skill and experience gaps
- Implement leadership training for your top choices
- Monitor the progress of your candidates during training
- Always have backup selections (interests can change over time)
Professional guidance can help in these endeavors, and so can learning about the legal aspects of business succession in New Hampshire and Massachusetts.
