All good things must come to an end, including your reign as a small business owner!
Handing over the proverbial keys to your business can be extremely difficult. There will be some tough decisions regarding how your company will operate when you step away. Your legacy will be up to you, and a large part of that involves how well your transition out of the business goes. A plan for transition is essential, but there is more that goes into the process than that.
Run your business with integrity and honor. The best companies out there truly care about their customers and don’t take advantage of them. Illegal and/or immoral business practices may lead to short term profitability, but the long-term effects can be devastating. They can hurt customers, employees, and any other stakeholders in your company. They can also destroy your business and ruin your legacy.
It is important to remember that a company is made up of people. These hard-working individuals are much more than just numbers on your payroll. Without your employees, your business would not be nearly as successful as it is today. Treat these people with the respect that they deserve and thank them for their dedication to the company. Good relationships with your current employees make the transition easier for them and whoever will take your place. Your business will be here long after you’re gone, but it will always be a reflection of you and your legacy.
It is never too early to start planning for the day you leave. Having a solid plan in place will protect everyone involved and will make the transition much easier. We’ll let you handle the important aspects of running your business and building your legacy. Leave everything else to us.