06/12/2025
Will your organization survive your death? Can it thrive without you? Sucession planning helps make sure it does?
I recently experienced a case where the owner's death caused the business to shut down. Hundreds of customers (me included), a dozen employees, and many suppliers are all affected negatively by this very sad event. The owner had a history of ill health and was in his seventies: why wasn't this planned for? Where was the succession planning?
It's human to want to avoid planning for our deaths even when we know it's the right thing to do. Too many people avoid this task and impose all kinds of costs and pain for those left behind. I've seen spouses left high and dry, families get broken up, and businesses close shop because of lack of succession planning.
Yet, it can be fairly simple and inexpensive to plan for the inevitable.
- On the personal side, ensure that you have an up-to-date will and what I call an Emergency Document - a 1-pager that tells the reader what to do and who to call to get things in motion.
On the business side, I like the idea of the Emergency Document too, but there will typically be a little more planning involved. You would really want to clarify:
- What happens to the governance of the organization in your absence.
- Who all the key players are that need to know of the event, and how they can help.
- And, of course, what your will says about ownership of the business.
You have worked hard to build your life and your business to the point it is now. Don't risk it all by ignoring an event that you know will happen sooner or later. The people in your life will thank you for your forward thinking.
If you're looking for help on this topic of succession planning, please contact us now! We would be happy to facilitate conversations and planning sessions to make sure you and your organization can survive (maybe thrive!) if and when something happens to you. Contact us now!
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