how to build a business that survives its founders

I’ve seen it happen to too many friends: a business takes off, and the founders are ecstatic, only to lose control as it grows. They get pushed out, or the company loses its soul. I was determined not to let that happen to mine.

I was researching ways to structure my company for long-term success when I stumbled upon a post that mentioned the benefits of working with a business broker like https://www.bbto.net/. What caught my attention was their approach to helping owners plan for the future, even if that means planning for their own exit.

the challenge of letting go

As a founder, it’s hard to imagine a future without me at the helm. But the truth is, most businesses don’t outlive their founders. Either the founder gets burned out, or the company gets sold and the founder is pushed out. I didn’t want that to happen to mine.

I started thinking about what would happen if I weren’t around tomorrow. Would my employees know how to keep the company running? Would my customers even notice I was gone? It was a sobering thought, and it made me realize that I needed to start building a business that could survive without me.

building a strong foundation

The first step was to build a strong foundation. That meant putting systems in place, so things wouldn’t fall apart if I weren’t there to hold them together. It meant hiring good people and training them to take over if needed. And it meant being intentional about the culture we were building.

creating a succession plan

Next, I needed to create a succession plan. That meant identifying people who could take over if I were gone, and starting to train them. It also meant being clear about what I wanted the company to look like in the future, and making sure everyone was on the same page.

the role of company culture

Company culture plays a huge role in building a business that can survive its founders. If the culture is toxic, or if it’s too dependent on one person, the company will struggle to survive. But if the culture is strong, and people are empowered to make decisions, the company can thrive even if the founder is gone.

• hire people who are smarter than you
• give them the autonomy to make decisions
• create a clear vision for the company’s future
• be intentional about the culture you’re building
• start planning for succession from day one

the benefits of planning ahead

the best time to plant a tree was 20 years ago. the second best time is now.

Looking back, I’m glad I started planning for the future when I did. It’s given me peace of mind, and it’s allowed me to focus on building a business that will outlast me. I’m confident that, no matter what the future holds, my company will be just fine.