Bob Dylan released his third studio album, titled “The Times They are a Changin'”, in January of 1964. Feeling old yet?
If we’ve learned anything through the “pandemic years” it is that the only thing that’s certain is change.
The landscape of today’s workplace is vastly different from that to which we were accustomed. Between working remotely and people leaving the workplace entirely, our world can frequently appear to be upside down. How we adapt and thrive during these changes is critical.
How is your business addressing these changes? As people have left the workforce for one reason or another, how do you move forward? Managing the day-to-day is challenging enough. However, have you given any thought to your business’ and your personal future? Have you thought about retirement, not only yours but your key employees? Have you identified and planned for the departure of persons critical to your company’s operations?
These days it’s not unusual for someone to elect to retire early. Or Heaven forbid if someone were to pass unexpectedly? These things happen… every day.
Succession planning is not just about your “Golden Years”. And it’s certainly not just about you. It also involves all of those people who make your business operate successfully: your employees, your accountant, your attorney, and your banker, because succession issues could drop into your lap at any moment.
Therefore, your succession planning needs to be in place now and needs to be revisited on a regular basis. So, while you’re thinking about sales, margins, expenses, personnel issues, production, profitability, AND taxes… take some time to take stock of your business and the future. It matters because as Bob Dylan reminded everyone fifty-eight years ago, “The Times They Are a’ Changin’”. Indeed.
Contact our commercial team to discuss your business finances.