Business succession involves transitioning leadership from one person to another to ensure an enterprise remains viable. Because this is a crucial task in the life of a company, it’s important to avoid some common mistakes people make when it comes to finding a replacement. Zangari Cohn Cuthbertson Duhl & Grello P.C. provides indispensable support to business owners in New Haven, CT. Here, they discuss some business succession errors and how to avoid them.

Avoid These 3 Business Succession Planning Mistakes

1. Confusing Owners With Leaders

While a person may technically own a commercial enterprise, that doesn’t necessarily mean they have the ability to lead a workforce. That’s something that must be remembered when you’re in search of a suitable successor: A good leader will possess certain skills, like determination and the ability to compromise when necessary, that make them stand out in terms of viable candidates. 

2. Letting Fear Hold You Back

The prospect of retiring can be daunting when you devote your entire life to work. Fear of letting go can get in the way of creating a realistic business succession plan, especially if you feel trepidation about leaving the working world behind. Your business deserves the best, however, and this entails choosing a person who will be as devoted to it as you are. It’s wiser to select the individual you want to take over than to wait until you’re no longer able to run the company and have to hire the first person who comes along to keep it going.

3. Forgetting to Involve Management

Your management team was selected based on their skills and abilities. That’s why it’s vital they’re kept in the loop regarding all major decisions, including those related to finding a reliable successor. A transparent process is the cornerstone of a good workplace, and without it, you run the risk of losing some of your best and brightest workers, who may look elsewhere if they feel they are no longer being kept informed about who will be leading them.

When it comes to business law, Zangari Cohn Cuthbertson Duhl & Grello P.C. can lend assistance in a wide range of issues. Learn more about all these attorneys can do for you by visiting the website today. If you’d like to schedule a consultation with an attorney in New Haven to ensure your business succession plan is airtight, call (203) 789-0001 to speak with a representative. Visit our three locations for more information  New Haven, CT, Hartford, CT, and Providence, RI.