Creating a Succession Plan, Part 1

The following is a post written by me, featured on Nancy’s Liu Chin’s Brown Bag Blog.  Make sure to visit Nancy’s blog for all sorts of goodies, inspiration, and business know-how.

Where do you want to go with your business?

Most of us in the wedding industry launch a business because of an overwhelming desire to create something of our own.  We yearn to be artistic.  We yearn to see our name in proverbial lights. We yearn to have command over our careers.  And, this propels us forward… year after year after year.

But, then what?

What is it that you are building?

Where do you want to go?

What does your business look like when you are done with it?

Where do you want to go with your business?

At Sage Wedding Pros, we ask this of wedding pros when we work with them on their business plans.  And, it’s without-a-doubt the hardest of all questions to answer.  But, it is probably the most important one.  We are very focused on building our dream in the present and it can be challenging to envision the end of the road.  But if we don’t know where we’re going how do we know what road to take?

We encourage business owners to start planning for succession as early as possible.  (We encourage people to make this step at approximately 2 years into business, if not earlier.)  If this sounds super scary to you, then start with the following question: what do you want to do with your business?  Use this as a building block in beginning to create your succession plan.

Come back for Part 2 tomorrow when we discuss some different options for your business’s succession.