Preparation Is the Key to an Effective Business Succession (part 2)

A lot of viable businesses will close their doors within the next decade. Here isthe rest of the tips to ensure that the next person to lead your business is ready to carry on its after your departure.

Transfer Your Passion

One of the most important ways to ensure the continued profitability of your business is to transmit your passion and expertise to the people who will be taking your place. Indeed, more important than the list of guidelines and tasks to accomplish is the ability to communicate your vision to your successor, who can appropriate it and continue what you started with the same enthusiasm that motivated you.

Above all, do not be afraid to hand over the reins of your company to another person; after all, no one will ever be able to take away the fact your company’s success was built on your efforts.

Achieve a Profitable Succession

On the other hand, if you want to take over a company, you will need to clearly demonstrate your interest in and passion for that business. When entrepreneurs don’t know to whom they should pass the torch, the person displaying keenness and passion could tip the scales in their favour.

But be careful how you approach a company founder, because that person generally has a very strong emotional connection to the business and isn’t likely to appreciate getting the impression someone wants to push him or her out the door. Show your interest in various aspects of business management, offer your help and willingness to perform tasks essential to the success of the business, even the most thankless ones.

Master All the Ins and Outs

While being an entrepreneur is rewarding, it also requires hard work, especially since the leader is often the one who gets stuck with all the jobs no one else wants. If you want to ensure the effective continuation of the company, it is best to know how to perform all of its tasks.

For example, if you own a coffee shop, learn how to make coffee, but the donuts, as well. Be like the bosses on the television show Undercover Boss and spend time on the floor with your employees. See what they do. It will serve you well someday.

Step by Step

Of course, it’s impossible to master a whole business all at once. This is why I advise you to go in stages and begin by taking over the responsibilities with which you feel most comfortable.

For example, if you have training in finance, start by taking charge of the company finances. Later on, you can ask the company manager to introduce you to other aspects.

Moreover, working together with your predecessor and accepting a helping hand will allow you to benefit from his or her experience. This is the best way to take ownership of each component of the business and learn the tricks that might otherwise take years to discover.

Stand Up and Be Counted

To ensure a strong succession, you need to identify with your company’s personality. Thus, it’s important that you stay true to yourself and simply show your colours.

Once in office, don’t hesitate to propose new ideas or different ways of doing things, in keeping with your personal managerial style. But be careful you don’t upset things; employees need a certain stability to remain productive and feel comfortable, so it is important to go slowly, unless you intend to completely transform the business.

There are many ways to prepare to take over a business. One of them is to register for one of the two programs offered by the École d’Entrepreneurship de Beauce, specifically aimed at business handovers.

However, there is nothing like getting your hands dirty and learning the secrets specific to your business on your own. Jump right in and you’ll find that it is not always necessary (far from it!) to start from scratch to learn about entrepreneurship.

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