Business Succession Planning - The What, Who, When & How
In this episode of Lightbulb Moments, Tom sits down with Heath Smith, Director of Advisory Services, to dive deep into one of the most critical yet overlooked aspects of business ownership: succession planning.
Whether you're considering selling your salon or spa in the next few years or simply want to future-proof your business, this conversation breaks down the essential framework every owner needs to understand.
Tom and Heath share insights from their collaborative work helping beauty business owners navigate the complex decisions around their company's future.
They explore the four key pillars of effective succession planning:
What - Defining your business's true focus and value proposition
Who - Identifying potential successors, whether internal leaders or external candidates
When - Understanding the optimal timing for transition planning
How - Implementing the right strategies and support systems
Beyond just exit strategies, this episode reveals how succession planning can actually strengthen your current operations while preparing for whatever comes next. Tom and Heath emphasize the importance of bringing in the right advisory resources to help you make informed decisions that protect both your legacy and your financial future.
If you've ever wondered "what's next" for your business or felt overwhelmed by succession planning, this conversation provides the roadmap you need to move forward with confidence.
