No matter how much you love your work, there comes a time when you need to slow down a little and start considering retirement. Your business has functioned for many years with you at the helm, and it’s hard to imagine a time when you are not in full control. And yet, you know you have to plan for the future of your business, and that future involves a successor.
It’s scary thinking about moving on and leaving your “baby” in the hands of another. There are a lot of options to consider, and you’re scared to make a mistake.
There are definitely pitfalls to avoid in setting up your business succession plan. You’ve eliminated most of them but putting in the hours and the research to ensure you’ve chosen a strategy that is the best fit for your thriving business. That’s a great first step. And that first step is making use of ESOPs to help take your company into the future. You can definitely see how this particular plan will benefit all parties if it is implemented correctly.
But you do worry about how smoothly transitioning ownership will go. You want to put the same effort into your business succession plan as you did into the building of your company. It took great care to get you where you are today, and you are committed to putting that same care into its tomorrow.
In this article, you will learn about five mistakes to avoid as you incorporate ESOPs into your business.