Grow My Business

Don’t fall behind in planning ahead: Successful succession tips

You’ve worked for years to build your business. As you look to the future, whether you plan to stay on as long as you can, slowly hand off responsibility, or make a clean break, you need to have a vision for what will happen next. And the sooner, the better.

Succession can be complicated, but with advance notice, input, and clear communication, you can position your business for its future. Just remember that managing people and expectations is as important as managing money and titles.

Whatever your approach, succession involves complicated legal and financial matters. Buyers might need a loan from the SBA or a bank, or assets and rights may transfer between family members and employees. All of that takes time and due diligence. Talk to your financial partners early and often about long-term strategic plans and keep them updated.

See how JTH Lighting managed its ownership change at