Like other small business owners in Mokena, you have worked hard to build your organization. While walking away from what may be decades of work may be challenging, you simply cannot control your business forever. Eventually, you may want to pass your operation to your son or daughter.
If you want a successful leadership transition, you do not want to transfer ownership too early. You also do not want to wait too long to name a successor. Here are three signs it may be time to pass your business to your child.
1. You have groomed a new leader
To keep your small business successful, you must wear several hats. Still, you may have started to groom a new leader. If so, you may not want to keep him or her from taking over forever. If you do, your son or daughter may begin to feel frustrated. Even worse, he or she may jump at another leadership opportunity outside your organization.
2. Your business is tremendously successful
Piloting a ship through rough waters requires steady leadership. As such, giving up your company when things are bad may not be a great idea. Instead, you may choose to wait until your business’s outlook is bright. By going this route, your company likely has a greater ability to absorb a leadership change.
3. You are ready to do something else
Most entrepreneurs love to start and grow businesses. Nevertheless, you likely have a variety of other interests you may want to explore. Alternatively, you may be ready to retire. Either way, if you are ready to do something else with your time, giving up business ownership may be a smart idea.
Only you can decide when it is the right time to walk away from your small business. Still, if any of the above apply to you, it may be appropriate to begin to think about succession planning.