23 Sep Succession Planning for Business Independence-How Do You Get There
Have you ever looked in the mirror and asked yourself – What am I going to do with my business today, tomorrow or in the near future? How am I going to get to my defined path of Business Independence-but wait; what exactly is Business Independence?
Business Independence is one of the four planning cornerstones of Exit Planning. Its goal is to make the business independent of its owner & the owner independent of their business, whether you sell, mentor, or close—whether your 40, 60 or 80 years young.
When a business can operate successfully without its owner’s daily involvement, the business becomes something of value to its current owner (by providing freedom) and potential buyers of the business since the company’s success is not dependent solely upon the owner’s efforts.
So what do you need to focus on to build a business of such value? The answer to that question is unique to each business. While there are certain standard Value Drivers (the systems and processes that need to be put in place to drive business value), the ones that each business needs to focus on will differ from business to business.
Business Independence Planning is the process of identifying and then putting a plan in place to build business value through focusing on those Value Drivers that will build your business value.
The most successful business owners are able to build strong, stable and independent businesses that operate successfully even in the absence of the business owner.
So go ahead, look in the mirror and begin to define what you would like your Business Independence to be……