I know this may seem like a dumb question because after all, those who are reading this blog may live another 30 or 40 or more years. But this is a vital question that needs your immediate attention. Should something happen to you, such as becoming incapacitated, what happens to your business? Who will pick up the pieces and keep it going?

Cheri had a fast paced coaching career. She was in demand as a business and retirement coach for professional women. Recently, she was starting to feel tired all of the time though she has always been a “work horse.” She felt she was the tortoise instead of the hare she had always been.

Cheri finally went to the doctor who diagnosed her with Lupus. She was in shock! After all, she was only 33 years old. Not only was she feeling badly, but she had even more pressure on her from a business perspective as she had clients who signed contracts for services into the future and now Cheri would be unable to fulfill those contracts. She had no one she trusted to take over for her in the immediate or long term future. This ended up becoming a financial burden as she had no choice but to refund her clients. Cheri felt her skill sets were so specific that no one would be able to come in and take over her business which was built on referrals and good will.

The moral here is Cheri needed a back up plan—a person or people who could pitch hit for her until she was able to come back to work in some capacity. A true succession plan outlines who will take over from you should you become ill or die. Many people feel we should live one day at a time and not look too far into the future. Tell that to Cheri!

You are a wise business woman. Take it one step further and have a succession plan to prevent from having to start over!

This entry was posted on Friday, April 11th, 2008 at 8:00 am and is filed under Professionals. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.