How can I choose a successor for my business?

| Mar 15, 2021 | Business

According to Inc., business owners should develop succession plans at least two year prior to retirement. Selecting a successor is a crucial aspect of planning, one that requires a lot of thought and consideration to make the best choice. 

You have spent your entire life building your business, so it stands to reason that you want it to continue long after you are gone. Here are two traits to look for when choosing a successor for your business. 

A solid history of success

Choosing a successor is similar to choosing a new hire to fill a role at your company. You want a person with a proven track record of success in their field. The person should also have the right experience to fulfill the role. While you will need to bring them up to speed during the transition period, they should arrive on day one with the inherent qualities necessary to lead a business. 

The ability to adapt

The business landscape is constantly changing, and will continue to do so. Businesses must change right along with it, or they run the risk of being left behind by consumers in search of a convenient, high-tech experience. A good successor will have an eye on innovation in your industry. They will recognize when updates are necessary and take the proper steps to implement them. 

Should you look inside or outside your organization when choosing a successor? Choosing a person already familiar with operations can make the transition period a bit easier. However, choosing a person outside your business means a fresh perspective and approach. The choice is ultimately yours, but you the above qualities are non-negotiable.