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What should you look for in your business successor?

On Behalf of | Jul 23, 2020 | Business Law |

Oregon entrepreneurs like you put time, effort and money into your business. You build it from the ground up. You invest years of your life into it. It makes sense that you want to ensure it goes to good hands when you move on. 

The best way to ensure the future stability and success of your business is by picking a good successor. But how can you tell you have selected a good one? 

Professional skills of a successor

Entrepreneur focuses on finding a successor to your business. First, a “good successor” can mean different things to different people. What suits one person’s business may not necessarily fit the next. But there are some points where all good business successors share similarities. 

For example, they often have good communicative skills. Not only that, but they deal well with people. They have a strong ability to organize and stay on task. They may have experience in leadership roles. They can create schedules and stick to them. They do not overlook deadlines or drag their feet. 

A successor’s personality

Personality also plays a role in success. Are they genial? Do they have enthusiasm and energy? Are they willing to have some flexibility? These traits are all important to a new leader coming in on your heels. They will need to present a strong front to gain the confidence of the people they must lead. 

It also helps for them to have similar goals and visions as you. Of course each business owner will bring their own flair to the company. But it is crucial for the central message and principles to stay the same as it goes from hand to hand.