Succession Planning for Small Businesses: Why Waiting Too Long Costs More

Small business owners are often so focused on running the day-to-day that they forget to plan for tomorrow. But here’s the truth: every business has a succession plan. It’s either the one you create, or the one life creates for you.

I once met a café owner who ran the place for 30 years. Beloved in the community, she assumed her children would take it over. They didn’t want to. When she got sick unexpectedly, the café closed, employees lost jobs, and the family had to sell at a loss.

Now compare that with another client, a father-daughter accounting team. They started planning years in advance. The father slowly transitioned clients to his daughter, introduced her as the new lead, and by the time he retired, the business didn’t miss a beat. Clients stayed. Employees felt secure. The legacy lived on.

Succession planning isn’t only for big corporations. It’s for the auto shop on Main Street, the family-owned restaurant, the local dentist. Without it, your business can die with you. With it, your work can outlive you, benefiting your family and your community.

The best time to plan is now. Because the day will come, ready or not.