Naperville Business Lawyer Discusses Getting Your Successor Ready for the Job

successor, Naperville business lawyerIf you are a business owner, you probably have an idea of what your company will look like in five years. But, what about in 10 years or 20 years? Will you still be in charge of the day-to-day operations or will you have handed the reins over to a successor—possibly even your own child or another member of your family. Assuming that you do not sell or close your business, you will, at some point, need to consider whom you want stepping into your shoes as the driving force behind the company’s success. You will also need to train that person and get him or her ready to take your business into the future.

In my practice as a business law attorney, I have helped many business owners develop succession plans. I have also counseled countless clients on the importance of giving their successors all of the tools to succeed for many years to come.

Selecting the Right Person

It is possible that you already have a specific person in mind to take over control of your company down the road. In fact, if that person is your son or daughter, you may have had your successor in mind the day that you opened your doors. On the other hand, one of your employees may have impressed you to the point that you could see him or her taking over for you eventually. No matter whom you choose, it is up to you to determine that the person is capable of not only running a business but running your specific business.

Your existing client-base is potentially a valuable resource for gathering feedback about potential candidates. This is especially true if your clients have interacted extensively with those whom you are considering. How your customers react to your choice of successor is important, because you will need your customers’ continued support during the transition.

You should also talk directly with your candidates before you make any decisions. Doing so will help you gain perspective and an understanding of what they have in mind for their own future. If the person you want to run your business simply is not interested in being in charge, you will need to go a different route.

Development and Training

The person you select a successor will not be ready to take over tomorrow. It will take time. In the meantime, you need to be clear with that person and your team about your intentions and your target timeframe. From there, you will need to be organized in your approach to developing your successor. Work closely with him or her to ensure that the necessary habits and skills are being learned. You must also take care not to overwhelm your successor. If he or she burns out before even taking over, your company could suffer greatly.

As training and development move along, your successor should need less and less oversight. This is a good thing. Ultimately, he or she will be running the business without you, so you need to know that your company is good hands. If your successor is having trouble with acting independently, you may be forced to rethink your decision.

Call 630-756-1160 for Help

If you would like to learn more about business succession planning, contact an experienced business law attorney in Naperville. The skilled team at The Gierach Law Firm can provide guidance as you look to secure the future of your company. Call 630-756-1160 for a confidential consultation.

 

Sources:

Inc.com

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