Every business owner knows that longevity, not just short term probability, is the goal of any company.
In order to ensure this durability, one must be devoted to creating a business that can last for generations.
Business durability and continuity face two key challenges: the loss of an owner and the loss of the company’s key talent.
Would your business be able to survive without either? You may not want to think about it, but it’s an important discussion to have. You, your company, and your family need to be prepared in case of an emergency. To be successful in business, you must have vision and optimism, but unbounded optimism can lead to being an entrepreneur’s Achilles’ heel. Optimism, though usually a good thing, can make owners avoid planning for anything other than an optimistic outcome when left unchecked by realism.
Whether engaging in the rest of the exiting process or not, you must make sure your business can survive your death, disability, or retirement, as well as the loss of its key talent. Without a plan, and without the ability to function without these two pieces, a company cannot expect to last long. Durability only comes with preparedness, and though it may not be a reality you want to face, a company will only last for as long as its values are in place. The only way to ensure successful longevity of happening is to foresee problems and solve them, before they threaten your company.