Why is Succession Planning So Hard?

When it has been reported that 85% of small business owners do not have a succession plan, we know this is a crisis in the making.

At SEWN, it has been our experience that when a business is struggling, almost 100% of the time a viable succession plan does not exist. Given these grim statistics and given that it is our mission to save the jobs affected in these situations, we have created a video to address the reason behind the data and explore options available to remedy the problem.

In our latest SEWN Series video, we explore the step-by-step interactions that lead to building a succession plan:

• Exploring personal and lifestyle choices that help mold the selection of a desired retirement destination.

• Creating a legacy profile and what life after your business might look like

• Helping to build the plan backward from the end vision to the current situation.

• Examining the ingredients that are creating roadblocks and those that are providing opportunities.

• Helping you explore the role your current organization plays in funding your retirement.

• Defining how you want your organization to look when you decide to move on to your next chapter.

You will also hear from business owners who provide insights on specific issues they faced and how they dealt with them in their journey toward succession planning.

Additionally, we have an accompanying video from SEWN Consultant Joel Steiker where he presents the various roadmaps laid out when he's helped organizations with succession planning.

If you are in the market for putting together your own succession plan, SEWN is available to help at no cost to your company. Contact myself or one of my colleagues to schedule your no-obligation evaluation.