Is Your Marketing Prepared to Outlive You As an Owner?

Scout Strategy

Cornell researchers have found that almost a third of business owners say they don’t plan to retire, and nearly a third say that retirement is at least a decade away, despite the fact that the average age of those polled was 51. It’s clear that preparing for retirement is a topic that gets put on the back-burner more often than not, so it’s no wonder many companies don’t survive a transition in ownership. Make like a boy scout by planning ahead and being prepared so your business can go the distance without you behind the wheel.

It’s never too early to start planning for your retirement. You know this for your finances, and it’s also true for your business exit strategy. For many business owners, delegation is difficult because you’re used to being the last stop between the services you provide and your clients. Switching gears to work yourself out of a job instead of having a hand or say in everything can be a significant mental shift, but it’s crucial in enabling you to step away. You can’t work forever and don’t want to anyway, so it’s time to amp up the training! Start with your day-to-day processes. Is everything clearly outlined? Are there training documents and procedures for tasks? This is a great chance to stretch your delegation muscles. Identify team or department leaders, and task them with finding any leaks or weak spots and creating solutions. Implement peer training or mentoring processes so your team grows and learns as a cohesive unit without your involvement in every step. As you encourage employees to take the initiative and exercise leadership qualities, you create opportunities for those interested to step up in big ways. If any employees show exceptional aptitude or interest, consider taking one on as a Jr. Partner to pass the business along to them. This should involve honest conversations and clear expectations so that you can both evaluate the best course all around.

If training an existing employee to take over the lead isn’t an option, you’ll need to prepare future clients for a new fearless leader. Focus on how your business generates leads and interacts with prospects. A business transition can be a confusing time for your company’s identity, so however prospective clients find out about your business, it’s crucial that the interactions they have line up with their expectations. We’ll go more in-depth about how your brand and marketing can streamline this process, but you should consider your client onboarding processes, welcome documents, and introductory services. Make sure your staff has everything they need to help a prospective feel right at home, no matter if the name over the door has changed a bit.

Handing Over the Keys

Setting up your business for a successful transition is no small feat, which is why it’s never too early to start planning and strategizing. Focusing on infrastructure while honing in on a marketing strategy allows you to strengthen your current business while making room for growth. A business can’t run on cruise control, but you can take steps to make it smooth sailing after your retirement. For more information, take a look at our write-up on outsourcing your marketing for a deep dive into how hiring out your marketing can help attract a buyer. Whether you’re in the first few years of your startup or nearing the finish line, we’re in your corner with savvy marketing tips and timely resources. Stick around!