You can’t even begin your small business succession planning unless you know how you want your business to end. That means you need to decide right now what that end looks like.
For some people, that means they’ll just put up a going out of business sign and lock the doors on a certain date. For others it means they’ll find a buyer and get some cash value out of their business. The key is figuring out which direction you want to take your business — one will take more proactive work on your part than the other.
One of the best ways to begin defining the end is to visualize the newspaper headline announcing the change in your business. Would you rather have it read ABC Company Closes It’s Doors After 35 Years or QTD Company sold to YXZ Company for 10 Billion Dollars! Either option is totally up to you. There is no right or wrong decision here.
But you must define your small business “end” now and work toward it. Once your direction is set, you’ll need to define a plan of action and take measured steps every day to get there.