When should a business owner start planning for who would take over from him or her?

[King Belieal]

Poor succession planning is the reason some businesses don't stay sustainable after the founder is gone. The question now is the main time that a business should start planning for succession.

Is it when the business owner is about to retire or in the early days of the business?

 

[Min George]

I think after the business has stabilized, there should be a succession plan in place. Anything can happen at any time.

 

[Springtime]

Do not wait until you are about to retire. You should start planning succession when the business is stable.

 

[eLdavis]

I think it depends on the business owner, they can start planning for this at anytime. I think it is better they start earlier, this way they can give them the needed training.

 

[Kross]

Starting early to prepare for the succession plan of your business gives you the room to tweak and get the most favorable for the business.

 

[Augusta]

Yeah the starting fir a planning succession when the business is stable and still very functional

 

[Xtynehappy]

I think it would be better when they could plan that even before the start of the business.

 

[Pearl]

A business owner should start planning on where and who will take over his business after he must have been become old and could no longer work.

 

[Augusta]

When once you realise that you might be needing a replacement in the nearest future start planning it out

 

[Miley]

Normally as a business person one supposed to know who will take his or business not when is too late or death occurs.

 

[Kross]

You should know from the get go who you intend to hand over your business to and start grooming the person.

 

[Xtynehappy]

The business owners should really be knowing that before one starts any business activities for that matter.

 

[Stardom22]

I think that the business owners should do the same as soon as they start the business. They can include that on their will and should be updated accordingly depending on some changes made for that matter.

 

[Fidelia]

There should be a succession plan for a business as soon as the business has some stability. Anything can happen at any time.

 

[kit_hung]

Succession planning in a business should not wait until the owner is about to retire. Starting early, even in the early stages of a business, it is important to develop a system for nurturing future leaders. This helps build business sustainability, prevent future conflicts, and increase employee and investor confidence. Early planning also enables training and experience for those expected to take on senior roles, ensuring a smooth and successful leadership transition.

 

[Augusta]

It would be okay when the owner start thinking about retirement. There's no way out. You need someone to help you out.

 

[SHAHID987]

It must be done in early stage of business, my last company's owner had 3 son and they were directors of different departments. The owner was assessing as who will be the future M.D for this he was judging them on behalf of their performance.

 

[Augusta]

Begin as early as possible. Starting early provides plenty of time to identify potential successors, prepare them for leadership

 

[Kross]

It is the same as in the case of a farmer who plants early expecting to reap early. A good business owner must be able to pass the baton early enough while he still have the time to change the successor if not competent enough. It would be a disaster to wait till old age to discover that your successor is not competent at all and can not handle what you built over the years.