Succession Planning for a Sole Proprietor

We are adding a new family member to our Making A Point Canine Mascots. When you weave your pets into your business,, you also need to consider their successors, particularly given their short life span. This is no different than succession planning for yourself.

There are so many items on the work plate of a micro business or sole proprietor. One that may not be given its due is that of succession planning. However, taking a day or so to review your plan might just help save the business in times of peril.

Professionals cannot assign their contracts to someone who is not the same licensed professional. So, if this describes you, consider discussing the transfer of your contracts, if possible, to a like-minded professional, should something catastrophic happen to you.

Many sole proprietors will work in conjunction with others as consultants on projects. Identify who those colleagues are in your business and consider discussing the potential to list them as potential professionals who can continue your projects if you are unable to at any time. Otherwise, you may leave your family members in charge of contracts they know nothing about.

If you believe there is no professional colleague to acquire your contracts, always have an ongoing list of your projects with the owner’s contact information. This should be readily accessible in your office, not just a digital copy. Imagine the anxiety of a family member trying to handle your business closing or continuity without it. A likely already difficult time is made even more challenging.

The inability of a professional to perform their duties under any contract may likely null and void the contract. However, if you have an updated list in your office of current or upcoming projects with owner contact information, much anxiety can be avoided. Take a few hours, make that list, and give days of peace of mind to those around you.

We will be introducing our own Making A Point succession mascot sometime next week. We celebrated Laffey’s 8th Birthday last week and while he still acts young, that puts him into the Senior Dog category. While he may be fetching balls far into the future, he will have the option of deferring future Making A Point engagements to his successor. Stay tuned for the big announcement sometime next week.

Be well.