As the owner of a small business in South Carolina, you may be wondering what time you should start drafting your business succession plan. The best time to start is now. The sooner you begin, the better, and today we will discuss just why that is.
Business succession plans should be a consideration even at the start of your business. No matter how long you intend to keep it running or what plans you have for it, this should be among the first things you do. Why? Because life is hard to predict. Though we all wish we could follow our plans perfectly, life often throws curve balls our way.
For example, you may become sick or get involved in an accident that requires you to temporarily or permanently step down from your role in the company. It may even be as simple as having a change in your life that redirects your goals and interests elsewhere, such as marrying or wanting to move to a new location.
In order to prepare for these possibilities, you should start your business knowing who you want your successor to be, what to do if they no longer wish to succeed you when the time comes, and how you will pass along important things like the core principles behind your business.
Are you curious to read more about business law, including business succession planning and the reasons it may be important to even a budding business? If that is the case, you may want to take a look at our web page on business law, linked here, to read more.