Every restoration company owner will need to retire. It could be a planned retirement, health issues or death, but you will not run your restoration company forever. Knowing this, it is important to think about what will happen to your business after you are no longer able to manage it. Who is going to take over your restoration company? Will you pass it down to family, choose someone from within or sell it to an outside investor? All of these are potential options, but you must have a succession plan ready when you eventually leave your restoration company. When it comes to creating a successful succession plan, time is your friend. The more time you have to get your ducks in a row, the better shape your restoration company will be in when you retire. Here are the most important things restoration company owners should consider when creating a succession plan.

Business owners often put off thinking about retirement. You have a company to manage, and managing it is a more important matter than thinking about retirement. However, you must establish a timeframe on when you would like to retire. In order to plan for succession, you have an idea on when you will hand over the company. This timeframe will help figure out when the real planning should begin. I recommend that you start planning to sell your business at least two years before you step away from your restoration company. This is the bare minimum timeframe and the longer you have to plan the more time you will have to get financials in order and most importantly find the best successor or find a reputable buyer.