No one is invincible, so if you haven’t built out a succession plan for your business, it’s time to do so, according to Brent Grover in Succession Planning: What’s Next?
Grover, the author of The Little Black Book of Strategic Planning for Distributors, said many distributors may not have done so because they don’t think they can find someone who has done a good a job as they have. Or they may think they still have plenty of time.
Some owner-managers may also just not know where to start.
By preparing for a worst-case scenario, distributors can make sure that a clear roadmap is in place for the business, and that it was put together by objective, healthy people. “The plan keeps the business and the family together,” Grover said, which in turn ensures that suppliers, customers and employees maintain their confidence about the company even during unexpected turmoil.
Read more about how to approach succession planning in this article.
Get practical advice on building a strategic plan for a distribution company in The Little Black Book of Strategic Planning for Distributors, available in the MDM Store.
