Tag Archive for: successor

What happens if you get hit by a Buick or a bus?

A lot of people seem to think that they are going to live forever. But just in case you don’t, do you have a plan? We have advised so many business owners on this subject, and have noticed a distinct trend. Typically, they will say, “I don’t know whether I want to sell or continue the company.” To which we respond, “Either way, you are better off if you have a potential successor in mind.” Identifying a successor can be very difficult; in fact, it may take a few tries. But once you find someone, you can focus on what we discussed last week — being involved in creating and developing new products and services. You won’t believe the pressure it will release once you know there’s a definite plan for the future. You’ll lift a huge burden from your shoulders, which means you may even live longer. So, why not take the risk?