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Succession planning gets a bad rap. It is assumed the identification of future leaders is all that is required. Therefore, many multi-unit franchise owners shy away from engaging in this process because the last thing being thought of is exiting or retiring. We challenge you to think broader and more long-term. Although identifying your future successor is a foundation of succession planning, it is only one very small part.
In reality, succession planning is not solely about you leaving the business. It is about building a foundation of success today which will set the course for future generations. Your organization may be in 'growth mode' so you've put succession planning on the back burner. Or you might not yet be thinking about what your exit strategy will be (and perhaps you really do not want to think about it right now). However, growth without an eye on the future is a dangerous thing.
Before you make that next deal, or as you start and/or continue with your growth plan, you should ask yourself a few vital questions surrounding growth and building value:
In addition to the business profits you generate now you have to be focused on protecting all that you are building well into the future. Achieving business success and succession are not solo endeavors. A great deal of your business value is locked in the resourcefulness, commitment, enthusiasm, and teamwork of your management team.
Kendall Rawls knows and understands the challenges that impact the success of an entrepreneurial owned business. Her unique perspective comes not only from her educational background; but, more importantly, from her experience as a second-generation family member employee of The Rawls Group - Business Succession Planners. For more information, visit www.rawlsgroup.com or email info@rawlsgroup.com.