HOW DO YOU PICK A SUITABLE BUSINESS SUCCESSOR?
June 30, 2020
Texas entrepreneurs like you handle a lot when it comes to your business. You create everything from the ground up. You decide how your business will function. You choose the direction it goes in. Most importantly, you determine the successor.
A business successor is vital to the continuation of your business after you leave the helm. Because of that, you must know what to look for in a good successor.
Find Someone Who Understands Your Vision
Forbes discusses every step you should consider taking before leaving your business. One of the most important parts they emphasize is finding a successor. A good business successor should be on the same page as you. They should understand your core concepts and principles. They should know what your aim is and what your business vision is. They want to guide your business in the same direction.
Find a Good Leader
They should also have several skills crucial to strong leaders. Are they well organized? Do they have the ability to communicate well with others? Can they de-escalate difficult situations? Do they have the energy and drive to manage a company?
Time is an important factor, too. Running a business takes up a lot of time and energy. Unless it is a small side business, they will be spending large chunks of their day on this. They will also be tending to this business for years to come. If they have competing aspirations, taking over a business may not suit them. This may include marriage or moving long distances.
If you keep these things in mind, you will soon come across a successor who fits your wants and needs well.