As someone who has only recently started up a business in Texas, you may be wondering: do I really need a succession plan right now? Even if you intend to run your company for years to come, the answer is yes. Every business owner should have a business succession plan ready as soon as possible.
FindLaw discusses the importance of having a business succession plan. First of all, no one knows exactly how the future will unfold. Even if you plan on staying at the head of your company far into the future, you may not be able to. Unexpected life situations such as accidents or illnesses may make it difficult for you to run things on your own. As you grow and age, your life goals and plans may change, as well.
Because of this unpredictability, it is important to go into a business with the intention of setting up a succession plan from the get-go. It doesn’t need to be perfect. You just need to have it started. Many people will start out with one business succession plan and see it change and grow over time, as their personal tastes, goals and relationships with others change as well. The main things of importance are to have an heir that is notified and willing to take on the task, as well as the core principles you wish to pass on.
That only leaves you needing to structure the details of the plan. Be sure to include things like the unique way your company works, among other important pieces of information that your successor will need to follow in your footsteps.