The Northern Virginia benefits consultants at Business Benefits Group (BBG) recently released a blog discussing succession planning for family businesses. Succession planning helps companies develop and retain leadership talent to ensure the business's success.
When a valued employee leaves the company, they also leave a large gap to be filled. By choosing a replacement who values your company in the same way you do and training them to complete the departing employee's role, you can ensure that your business continues running smoothly. Not only does this help the company maintain its financial stability, it can also help you keep it in the family rather than turning to outside support immediately and risking your business's legacy. Without proper succession planning, you may find yourself struggling to make decisions that will both benefit the business and help family members feel that they still have a connection to the company.
Successful succession planning begins early. The sooner you are able to begin developing a succession plan, the more time you will have to work out the details. It is important to involve family in planning discussions. It is likely that many of your family members will have strong emotional ties to the company, and showing that their opinions matter early in the process can help them make decisions based on good business practices rather than feeling. Family members should also recognize that, in the interest of making strong business choices, not every person will have an equal share of input. Once a successor has been chosen, begin training them as early as possible. It may be helpful to get advice from an outside source throughout the entire succession planning process to help you identify issues you may not have noticed or provide an impartial point of view if a decision proves contentious.
Speak to the consultants at Business Benefits Group for more information about succession planning for family businesses. The firm's experienced consultants understand the unique needs of family-owned companies and can help you develop a succession plan that meets your family's unique needs. BBG can be contacted online at https://www.bbgbroker.com or by phone at (844) 201-3612. The company is headquartered at 4069 Chain Bridge Road, Top Floor, Fairfax, VA 22030.