Every entrepreneur is focused on the future, and for many, that includes plans to stay in business long after retirement. For some, this involves passing a business along to a family member. If you’re a business owner worried about keeping an operation afloat long enough to pass it down to your kids or other family members, you’re not alone. Here are a few tips to keep your business in the family:
Focus on present day problems and solutions
To keep a business in the family, you’ll have to think about the decades ahead, but first, you need to make short term plans to keep your doors open. What can you do over the next month, six months and 12 months to improve business? Thinking of the big picture is great, but you have to start small to get there.
One way to improve your business in the short term is to examine your customer service operations – consumers are the cornerstone of any business, so it’s important to maintain close relationships with your base. Take a close look at how your staff interacts with customers, making note of points of improvement. If staff are having trouble with customer interactions, consider a training session to help them improve.
Make long term plans
It’s never too soon to think about succession plans. Who will you transfer your business to once you retire? Whether it’s one of your children, a sibling or a niece or nephew, if you want to see them take the reins somewhere down the line, now is the time to set forth legal documentation to ensure your plans are kept in place.
For example, if one of your children has been involved with the company for years while the other has taken little interest in the family business, it’s vital that you plan for your business estate to fall into the hands of the former rather than the latter. Talk to legal professionals to ensure your business will be passed along to the right person once you’re out of the picture.
Explore lending options
Making improvements to your business model and planning for succession is important, but for many, staying in business is a day to day struggle. If you’re worried about making ends meet, consider exploring alternative lending options from lenders like National Funding. The right small business loan can make all the difference, helping you stay in business and ensuring a future for your family company.