Questions that you, as an entrepreneur, should be asking yourself from time to time:

1. Am I less than 60 years old?
2. Am I in good health and do I still feel strong enough and enthusiastic enough to remain in gainful activity for some time yet?
3. Have I settled the right of representation for running my company in case I suddenly have to retire (e.g. for health reasons)?
4. Are there young potential employees in my company who could in time grow into key positions?
5. Do I have offspring actively working in the company and who are ready and able to take over the succession?
6. Do I have offspring gaining experience in other sectors and who are ready and able to take over the succession?
7. Would management be in a situation, and have the interest, to assume my succession?
8. Is my company’s current economic situation good?
9. Do I have an idea of the value of my company?
10. Have I recently arranged an evaluation of my company?
11. Apart from the company’s assets, do I have sufficient private means I could earmark for those heirs who are not intended for company succession?
12. From the financial point of view, have I organized provision for my retirement so that, later on, I am no longer dependent on the emoluments I can benefit from today?
13. Do I have plans and ideas for activities following my life as an active entrepreneur?

Do the noes predominate? This is a clear indication that succession planning in your company is a real subject for discussion. You will find further thoughts and ideas here.

 

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