Consensus in Business Plans

Posted by Winifred "Wini" Cannon | Sep 16, 2020 | 0 Comments

You may have a situation where either your partners are not in agreement about having a business succession plan or you just can't get everybody to the table because it's a low priority item. In such a case, it's critical to basically invest in the people who work around you to lift their morale so that they can see the value of implementing a business succession plan.

After all, what happens if a key employee were to leave? That person may not even be an owner, but could certainly be someone who is critical to running your business. You don't want your place to have a revolving door, where you're always replacing and looking for talent.

So it's important to look at this issue at least quarterly, to get people on board. You have to show the value of being proactive as opposed to being reactive about business succession planning.

About the Author

Winifred "Wini" Cannon

Winifred “Wini” Cannon knows how business owners may be impacted when retirement, incapacity, or death occurs without a good plan in place. One example that is very common is in the instance where one partner dies leaving the other trying to stay in business complicated by the...

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