Cortburg Speaks Retirement

Women Entrepreneurs and Succession Planning

November 30, 2022 Miguel Gonzalez, MBA, AIF®, CPFA®, CRC® Season 2022 Episode 112
Cortburg Speaks Retirement
Women Entrepreneurs and Succession Planning
Show Notes Transcript

As an entrepreneur, there are multiple demands on your time and matters that require prioritizing. On this audio podcast episode, Miguel Gonzalez talks about what women entrepreneurs should know about succession planning.

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with Miguel Gonzalez, MBA, AIF®, CPFA®, CRC®

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INTRODUCTION

Welcome to Cortburg Speaks Retirement

An audio podcast about investing in the stock market, financial planning, money management and retirement planning.  Each Wednesday, we help investors at all stages of life learn how to potentially grow and preserve their money from first job through retirement.

Now here is your host, Miguel Gonzalez.

 

HOST

Good morning and welcome to the CORTBURG SPEAKS RETIREMENT audio podcast.   

On this week’s audio podcast, What Women Entrepreneurs Should Know About Succession Planning

 

As an entrepreneur, there are multiple demands on your time and matters that require prioritizing. But while you're juggling strategic planning decisions for your business, don't forget about one of the most important factors of its long-term success—succession planning.

 

Planning for your company's legacy can not only help you shape your business's future after your departure, but it can also strengthen your company today. Here we discuss three key factors a solid succession plan should include.

 

Both Short- and Long-Term Strategies

 

Succession isn't just for retirement—the best succession plans will have one prong for short-term emergencies and another prong for long-term shifts in leadership. Both prongs should clearly set out things like:

 

● When the succession plan kicks in

 

○ Whenever you're ill or unavailable?

 

○ When you've officially taken a leave of absence?

 

○ When you've announced your retirement?

 

● Who oversees key aspects of the business while the plan is active

 

● For short-term succession plans, there should also be a clear signal for when the plan ends

 

You also don't want to create a succession plan in a vacuum. Ask for feedback from trusted advisors both inside and outside your business. This may also be a good time to cultivate new ideas from your employees and partners—is there anything you should be doing differently?

 

A Designated Successor

 

The successor you choose can make or break your succession plan. When deciding who is the best choice for the role, consider what attributes and philosophies are most important. Do you want someone who runs the company in the exact same way you do? Or are you looking for someone who shares your general vision but has their own plan for achieving it? How will your choice of successor impact the culture and atmosphere of your company?

 

Once you've chosen your successor, it's time to cultivate them into the leader you envision. Ask them to work closely with you to prepare them for what to expect from the role once the time comes. Open up your decision-making processes to give them insight into the factors you consider when steering your company or allow them to start taking on minor parts of your role to get them used to taking charge in your stead.

 

A Strong Management Team

 

While your successor holds a great deal of responsibility for steering your company forward, your management team also plays a key role in maintaining your company culture and keeping the business on strong footing in your absence. Succession planning involves investing in the next generation of business management, whether through a dedicated mentorship program, continuing education, or other targeted mentorship opportunity.

 

Succession Can Determine Your Company's Success

 

Don't let all your hard work building your business go to waste—without a succession plan, your dedicated employees could find themselves scrambling if the worst were to happen. By investing in succession planning, you can allow your company to continue to prosper no matter who is in charge on any given day.

Make sure to visit our website, www.CortburgRetirement.com. Our site is filled with educational videos, eBooks, publications, and financial calculators designed to help you learn more about your finances.  As you search our site, send us a note regarding any questions you may have about any particular investment concepts or products. We will get back to you quickly with a thoughtful answer.

This is Miguel Gonzalez, Certified Retirement Counselor (CRC) and Managing Partner, with Cortburg Retirement Advisors signing off for this week’s educational podcast.  

 

DISCLOSURES  

Opinions expressed are subject to change without notice and are not intended as investment advice or a solicitation for the purchase or sale of any security. Please consult your financial professional before making any investment decision. 

All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

CRC conferred by The International Foundation for Retirement Education.

Securities offered through LPL Financial. Member FINRA/SIPC. Investment advice offered through Private Advisor Group, LLC, a registered investment advisor.  

Private Advisor Group, LLC and Cortburg Retirement Advisors, Inc. are separate entities from LPL Financial.

Investing involves risk including possible loss of principal.

·        The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

·        This article was prepared by WriterAccess.