Do you act as if you can run your business forever?

Scripture: Set your house in order, for you shall...not live (2 Kings 20:1).

Today’s Thought: Nobody can operate a business forever, but many owners act as if they will be the exception to the rule. Even when become ill, some owners refuse to consider transferring their business to others.

The reason for such lack of foresight may be denial, pride (believing that no one could possibly succeed us), or pure willfulness. Unfortunately, failure to develop a plan of succession often puts the owner’s family and employees at risk.

Wise and prudent owners accept the inevitable reality that they can’t carry on forever, and they plan to either sell the business or appoint and train a successor. Even when succession plans are in place, the transfer of ownership and control from one generation to the next is a tricky proposition. But one thing is for certain: Failure to plan is a guaranteed plan for failure.

The naïve inherit folly, but the prudent are crowned with knowledge (Proverbs 14:18).

Failure to develop a plan of succession often puts the owner’s family and employees at risk.