Retiring Your Business pt 4 – Formalize A Succession Plan

When it comes to the steps of retiring your business you may find that formalizing the succession plan is not as difficult as it sounds. You’re a virtual assistant so that makes you a natural planner in one way, shape, or form.

Succession planning is simply the process for identifying and developing new leaders who can replace old leaders when they leave, retire, or pass away. In business, this may include developing and identifying the internal people with the potential to fill key business leadership roles within the company.

As a VA your succession plan may not exactly translate to having new leadership, but it does mean someone could step in to answer emails from clients, know how to access information, and how to cover your clients.

This doesn’t have to be in retirement or death. This could be in the event of illness or a car accident that unexpectedly puts you in the hospital. Emergencies don’t make appointments. Think of this as your Plan A, Plan B, and Plan C or what you would have left your employers when you were working in the office and took that cruise so you couldn’t be reached.

The roadmap to planning for succession (or any emergency) is laid out for you already.

  1. Have all financial documents in place. Business and personal, and whatever you are managing for your client. In the event of exiting, this would include your valuation data, inventory, tax returns, current and projected financials.
  2. Have established buy-sell agreements. These formalize your company’s sale price, value, shares, who can’t be a buyer, and discuss family members who could possibly step in.
  3. List out potential successors. These do not have to come from inside your business.
  4. Keep documents up-to-date, secure, and organized with the right person/people knowing how to access them in the event of an unplanned event.

Join the Association of Virtual Assistants and begin to create your roadmap to success. We want retiring your business to be an exciting time in your career and would be honored to celebrate with you!

The Association of Virtual Assistants is here for you today, tomorrow, and at every stage of your career. Join the AVA now to get your support.

Be sure to follow us on FBIG, and LinkedIn to stay up on the latest news. If you enjoyed this article we’d be honored if you shared it with your colleagues, family, and friends.