Succession planning

Think about the next five years...

...then think about  what the business will look like at the end of the fifth year.  What products/services will you be selling?  What share of the market will you have?  Where will you be located?  How many employees will you have?  How much profit will you make?

...so far so good.  Now the tricky questions...

• How much will the business be worth in five years?

• Will I want to sell then?

• Will this meet my personal financial goals?

• What are the dangers on the way?

• Will I spend enough time with my family?

• What do I want my family to have if I’m not there

Of course putting these questions to your fellow directors, major shareholders and key people in your company may provide differing answers.  Now you’ve got a real recipe for conflict and confusion.