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Plan who comes next.

Succession planning starts with who could take over: family, a key employee, your team or an outside buyer. See what each path asks of you and of them.

See what each path asks.

Each way forward raises its own questions about money, control and timing. It also asks different things of the person taking over.

Get ready to sell to an outside buyer

  • Pass it to family

    A good fit when someone in the family wants to run it and has time to learn. Ask: should it be a sale, a gift or both, and how is everyone treated fairly?

  • Sell to a key employee

    A good fit when someone already runs the work and customers trust them. Ask them first if they want to own it, then ask a lender how they’d pay.

  • Bring in employee owners

    A good fit when you want the people who work here to own what they built. Ask a specialist if it can work at your size and what it costs to set up.

  • Hire a manager, keep owning

    A good fit when you want your time back but aren’t ready to sell. Ask: can the business pay a manager and still pay you?

Hand it over in steps.

Handoffs go better when they start early and happen one piece at a time.

  1. Talk early

    Ask the person you have in mind if they want it. Don’t build a plan around someone before they say yes.

  2. Hand over one job at a time

    Pick one responsibility, do it together for a while, then check they can carry it on their own.

  3. Put it in writing

    Ownership, pay and who can sign for what each need their own agreement. Your attorney and accountant help here.

  4. Step back

    Move ownership in stages if that fits, and stay on as an adviser for a while if you both want.

Questions about succession planning.

What is a small business succession plan?

It’s a plan for who takes over your business and how. It names the person or path, the jobs and ownership they’ll take on, and when. It also covers what happens if you have to step away sooner than planned.

Is my successor automatically the next owner?

No. Running the business and owning it are different. A manager can take over the day-to-day without owning any of it. Any change in ownership needs its own terms, and legal and tax advice.

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What if I don’t have a successor yet?

Start with the role and the work only you do. That helps you compare people inside, a new manager, employee owners and an outside buyer before you commit.

Exit planning

What if a family member doesn’t want the role?

Being family isn’t the same as wanting the job or being ready for it. Talk about interest, skills, pay and ownership separately. If it doesn’t fit, compare a manager, a sale or employee owners.

What if I have to step away suddenly?

Name a temporary lead and a backup. Make sure they can find bank access, key records and contacts. Keep access instructions somewhere safe, not passwords in a shared plan.

How often should I update my succession plan?

Set a review date, and revisit the plan whenever ownership, health, key people or money change. Check that the people you named can still do it.

Start the conversation early.

SMB helps you think through who could come next, what each path asks and what to bring to your advisors. You decide.

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