Do you have a succession plan in place for your business?

Scripture: Now when David reached old age, he made his son Solomon king over Israel (1 Chronicles 23:11).

Today’s Thought: Many business owners act as if they believe they will live forever here on earth. How else can they explain their failure to develop a succession plan for the future of their companies? Unfortunately, as the old saying goes, “Failure to plan is planning to fail.” If you want your business to survive and prosper after you are gone, you need a plan for handing over the reins to your successor.

None of us will stay in the saddle forever. For everyone’s benefit, a wise owner plans for retirement well in advance. Can you imagine the infighting that might have taken place had David not named one of his sons to succeed him as king? The people would not have known whom to follow. Confusion would have reigned instead of the wisdom of Solomon.

Make plans and prepare others for the day when you will leave. You owe it to your business as well as to your successor. Your legacy may depend on how well you plan your departure.

Many are the plans in a man’s heart, but the counsel of the LORD, it will stand (Proverbs 19:21).

Make plans and prepare others for the day when you will leave.