Succession Planning: Part V

When Kathy and I finished our previous estate plan, we had a son with autism whom we believed would never be able to work, an immature teenage daughter, and no grandchildren. Now we have grandchildren, our son had a job until the pandemic, and our daughters are married and more mature.

It was time to update our will based on our changing circumstances. Business is similar. Your company will be forever developing and changing.

Succession planning for a business is hard work. Unfortunately, even when you complete a plan, changes begin to occur, requiring periodic updates.

However, that does not necessarily mean you will have to revamp your plan completely. As long as your end goal is the same, in some cases, you can simply adjust your plan to accommodate the change in your business.

Proverbs 21:5 teaches, “The plans of the diligent lead to profit as surely as haste leads to poverty.”

Adjusting your plan bit by bit will help ensure that the goal you have for your business will be met. A hasty or unregulated plan will leave holes and confusion for whoever comes after you to pick up where you left off.

Once you complete a succession plan, you will need to review that plan every couple of years to ensure nothing significant has changed.

Questions for Reflection

• How has your business changed in the last year? The last five years? What accommodations does it need now that it did not need before? Additionally, what might it not need anymore?
• Does the thought of passing give you anxiety or fear? Read Psalms 46, 91, or 147 for the reassurance only the Lord can provide.