Blue Ridge Community College - Succession Planning Process

Welcome to the Small Business Center
Your Partner for Business Success^©

Below are tips to the succession planning process
to ensure a smoother transition from one generation to the next.

Start business succession planning now. Build an exit strategy into the business plan. The longer one spends on succession planning, the smoother the transition.
Involve family in business succession planning. Family discussion process is critical for a successful succession. Take into consideration personal feelings, ambitions and goals of family members.
Select the best successor. Examine the strengths of all successors and what's best for the business. Look for who has strongest skill set and interest.
Not everyone has an equal share. It may be fairer for the successor(s) to have a larger share of business ownership than family members not active in the business. Or it may be best to transfer both management and ownership to the chosen successor(s) and make other financial arrangements to benefit your other family members or children.
Train your successor(s) and work with them. Successful ownership transitions occur when successor(s)have been trained for a year or two before they take over.
Get outside help with succession planning expertise. Involve family business succession planning firms, lawyers, accountants, or financial advisors to assist in facilitating the process of working through succession plan issues.
A good succession plan ensures that you will have the funds you need
to retire or start that next venture and that the business you have built
continues to thrive under the leadership of the next generation.

SBC can assist in the family
succession planning process.

Call today (828) 694-1779

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