Small Business Goals 101

Do you have a business race plan in place? Why this is important? How to identify implicit successors, and how to produce your plan.

Then is what you need to know:

1. Drafting a race plan is the first step toward a successful business transition

2. There are 4 common business race plans

3. Have a plan in place before you decide to vend your business

4. Include crucial stakeholders in race plan opinions and decide on your minimum conditions for payment

5. Work with a race planning professional or group and produce a plan for your life post-succession

According to Deloitte, only 1 in 4 private company boards has a race plan in place. For small businesses, the number of business possessors who have a proven business race plan is indeed lower, with just1/3 being prepared for an eventual transfer.

Part of the problem is that the idea of race appears to be in the distant future. Still, pushing business race planning into the background can boomerang, leaving a business proprietor unrehearsed for an unforeseen sell-off or junction. As a result, a small business proprietor can also leave a plutocrat on the table.

Drafting a race plan is the first step toward a successful transition and ensures that the business proprietor gets a better deal.