Response from: Annie

This is what I call thinking outside the box! Think of your succession plan as the 'last will and testament'. In business thinking about what I have to achieve today, fighting the fires which need to be put out now!, with planning for next year, to next 3 years is what I thought was a succession plan. I have heard the Japanese have 100 year business plans. (maybe there is something in that? How can thinking that far ahead really help my business now?

Response from: Greg Balanko-Dickson

By looking ahead to developing a succession plan you have time to train, develop, and grow your own successor. Then when it is time you can sell to the successor.

Response from: Alice

I often think that business owners think of a "succession plan" as something that does not apply to them, since they probably will never "promote" someone else into their job as owner. If we ask those same owners if they have an "exit strategy," they may be able to see how the exact same process really does apply to them. If an owner has acqiured an existing business, it is often easier for them to comprhend the need for succession plans and exit strategies, knowing how they got into it in the first place.

Response from: Annie

I only smiled when one of my employees said the other day I'm going to own this business. I hadn't thought of it as a strategy?
"train, develop, and grow your own successor" Interesting!
"If we ask those same owners if they have an "exit strategy," they may be able to see how the exact same process really does apply to them" mmm I thought this was a for "life commitment"...in business is that where I need to plan and grow with the end in mind...