The succession plan of your business is ultimately tied to your success

“Heir” is a weighty term. A fun pun, to be sure, through the beauty of English homophones. But seriously, unless you’re already 10% and up rich, talk of heirs and succession does connote a certain heaviness you may not be used to.

For those choosing successors, it’s the heaviness of accepting mortality. For the potential promotees, it’s the heaviness of accepting a multitude of responsibilities. Or buying ear poison. Either way.

We expect to deal with familial succession. As eldest (assuming he doesn’t outlive me), I’m in charge of flinging Dad’s ashes into a nicer section of the ocean and distributing all of his Cosby sweaters amongst the sibs, and I take the role very seriously.

As a serial-small-business employee though, I’ve only just started wondering what would happen if my boss died. Of all the ‘lose your job’ scenarios I’ve had waking nightmares about, that one in particular only cropped up for me a year ago. And now, with the coronavirus taking up our attention, more business owners than usual might be wondering the same thing from the other side of the desk.

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What’s going to happen to my employees if I’m too sick to work? Have I set things up so that this company can survive past me? Does at least one other person know the combination to the safes?

If your business is big enough to have employees and advisors on deck, these are questions you need to have answered… Preferably in written, notarized form to ensure smooth succession.

So where should you start? Probably with a good talk.

If you have a next-in-command standing ready, but don’t have a plan yet, let them know that if the inevitable happens sooner rather than later, that you’d like them to step in. A frank conversation about their future with your brand, and actually asking them if they feel up to taking the reins is a great place to start. Otherwise, consider your network— who you might sell the business to, and who might know someone who knows someone.

P.S. If your VP says they’d rather run off and sail the world if you got hit by an asteroid next week, please don’t hold it against them.

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We all know that ghosts stick around because they’ve got unfinished business, right? Don’t let your literal business be the shade that haunts your team! Take a deep breath and get the ball rolling on THIS side of the dirt… Ouija boards can only do so much.