OK, this may be a little morbid to think about, but let me tell you why you want to go through this thought process.
I’ve had several owners tell me they don’t want to tell anyone they are thinking of leaving the business. They are afraid people will get worried and leave; people like clients, partners, suppliers, and employees. Well, here’s the ‘kicker’. They know that some day you will leave and they also know, you don’t have a plan, at least not one you have shared. Ultimately we all leave this planet, and that departure date is not defined, so, why would you assume people are not already worried.
Making plans to prepare to exit does not specifically say, I’m leaving, it says, I’m prepared to ensure you will get your product, you will have continued partnership with the business, we will continue to purchase from you, and your wages will continue to show up in your bank account.
The language may feel morbid, but the mindset is important. Your business must be ready for you to leave so that everyone that is connected to your business knows what to do, where to go, who to contact, and what to expect.
Here are a few things you can think about to get you started.
Basics: These are a few basic items you should be thinking about as the owner of the business.
- Your will
- Your passwords
- Bank accounts and credit cards
- Ownership of your corporation
- Someone that knows where all of these items are and what to do with them
More complex: These are items that are important for the business to have continuity.
- Knowledge of payments due and payables and how to make payments, especially for employees
- Access to all your online SAAS (CRM, social media, email, other comms, etc.)
- People that can do the work you would need to do (and already know how)
- A business structure that does not simply close down as soon as you pass
- A team that knows how the business runs, what sales are the immediate ‘hopper’ and what the future plans are for the business.
I had a client that shared, “I’m not leaving, I just want to prepare, because who know, tomorrow I could be hit by a car.” They got it. If she passed tomorrow, would they even have a job? And, at that time, the answer was no.
No one wants to work for a company they love, with the worry that no matter how hard they work, or how successful the business is, they could simply be out of a job because the business is not prepared to run without the owner.
There is much more to preparing your business to Run Without You. If you want to talk about your business with me, hit reply and we’ll set up a time for a short evaluation of your business needs.
This article is 100% original content – The articles you read in this blog are 100% created by Barb Stuhlemmer, not by AI.
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