Don’t let your company die with you. Here are 4 Ways to Make Sure Your Business Outlives You.
As a business owner and father of three children, my imagination takes hold of me from time to time and I think about when my children will be old enough to work at my company. Besides welcoming the assistance of three trustworthy employees, it will provide me the opportunity to teach them what I’ve learned about achieving success. Moving along to a more distant future, I like to believe that when I die I will bequeath to them a valuable, healthy company that will provide financial stability and a sense of fulfillment as they make what I started their own. Many entrepreneurs share this dream but few realize it. Without proper planning, a successful business can go into a death spiral within weeks of a founder’s passing. I recently saw this happen.
An acquaintance and business associate was the founder of a successful lighting supply company in Miami. He enjoyed a 40-year track record of success with loyal customers, stable cash flow and outstanding supplier and OEM relationships. It had all the ingredients of a successful business. Sadly, the founder, whose passion for lighting and design was palpable, passed away while attending a tradeshow at the age of 79.
As soon as I learned of his passing, I went to the company to pay my respects to his daughter who had spent her entire career at the business. Still in shock, she was unsure of what steps to take next both personally and professionally after losing her father, her boss and her mentor.
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