Do You Have a Succession Plan for Your Business?

When thinking of retiring, a succession plan is vital. Here are a few things to consider as you plan to hand your beloved business over.

By: Mike Moore

You’ve worked a hard, long career, full of satisfying successes and lifelong relationships with your customers. Let’s face it: no one works forever, and you deserve to head to the lake, catch a few fish, and reflect on a job well done. That doesn’t mean you don’t want your business to continue thriving, though. After all, what did you work all those years for if not to retire with the knowledge that the business you built is still going strong?

Where do you start? The reality is that, like planning for your children’s college tuition, you need to get started long before you hang that “Gone Fishin’” sign on your office door. Here are a few things to think about as you plan for your business succession.

Who Will Take Over?

Whether you run a business that’s been in your family for generations or you have been relying on trusted employees for decades, you need to identify who will take the reins when you retire. With any luck, you’ve had capable and dedicated family members and employees who have established themselves in specific roles that they will continue. That also means that as retirement looms, you need to show them how to do the jobs you do as well, to make sure that a steady hand will lead from the top down.

When Will the Transition Happen?

Obviously, you can’t just flip a switch and hand over the job with little notice. Think long-term and set a date for your last day—and then start the transition some time before that, to give your eventual successor time to feel comfortable doing jobs he or she may not have been accustomed to up until now.

What Will You Pass On?

Obviously, everyone has their own way of doing things, but, surely, you have tips and best practices you want to impart so the business runs smoothly—and most importantly, so your customers don’t notice too much of a change in how the company does business.

These are just the basics when it comes to planning your exit strategy. HVAC Learning Solutions has plenty of invaluable tips when it comes to a detailed, long-term plan for transferring your HVAC business to the next generation.

However you go about it, you want a smooth transition that will leave you feeling relaxed, and have your longtime customers trusting the same company they always have.

An easy succession starts with finding the right people for the job. That starts with identifying leaders in your company.

Mike Moore is the Training Director for HVAC Learning Solutions.

Technology is a valuable asset in today's HVAC industry. That's why we've stocked the LennoxPros app with eTools to help HVAC business owners succeed.

One great way to make sure you have good leaders to hand your business to is to train them. HVAC Learning Solutions offers a training series especially for new HVAC business owners.

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