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What should you look for in a business successor?

On Behalf of | May 13, 2020 | Business Formation & Planning |

Florida business owners build their business from the ground up. With all the time and effort you put into it, you want to ensure it has a long and prosperous future. One of the best ways to do this is to have a strong succession plan and successor.

What does a business successor look like to you? The answer to this question differs from person to person. Today we will look at some of the factors that may point to a good business successor.

Your exit strategy

Forbes talks about how to plan your exit from a company. In this, they discuss succession planning. They also focus on finding the successor that is right for you and your business. Some traits are universal in good successors. This includes the ability to think in a creative way. They should have innovative ideas. It is also crucial that they have the drive necessary to run a business. Not just anyone can do this job. They need the time, dedication and determination to succeed.

Similarities with your successor

A good successor for you will also have similar opinions on how a business should run. You should hold similar core principles and morals as well. After all, you want the core of your company to stay the same. You want the company values to reflect what they were when you started it. This is true no matter how many changes it goes through.

Communication is a key point in having a good relationship with your successor. Make sure you are clear with what you want from them. Let them know about things far in advance. Do not keep them out of business processes until it is time for them to take over. Keeping things open will help make any good successor a great one.


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