Jul 7, 20212 min read

Here's how a succession plan could actually save your small business

IFEL's CEO Jill Johnson discusses the benefits of developing a succession plan, and how it can be integral in business's success with NBC news. Nearly 60% of small business owners said there has been at least one positive thing to emerge from managing through the coronavirus pandemic that will be continued by their organization in the future, a new report has found.

Wilmington Trust's upcoming Business Owners' Outlook shows that for some entrepreneurs that may mean working remotely or having better communication with employees. For others, it could be creating or revising a plan for what would happen if another unexpected event hit their business.

"You're putting your livelihood, and often the people [who work] there, their largest or second-largest asset, at risk by not thinking about all of the 'what ifs'," said Jill Johnson.

She continues, "By planning for what's next, they're a not only mitigating risk, but what that is doing instead is for their future," Johnson said. "One that is much better positioned [for their business]

to be able to be sold at the end of the day."

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About Us The Institute for Entrepreneurial Leadership (IFEL), founded in 2002, is an independent, not‐for‐profit organization that supports economic development through entrepreneurship. We are experts in creating and implementing small business programming in support of larger economic development objectives. We envision a future with inclusive entrepreneurial ecosystems in which people from historically marginalized populations have equal opportunities for success. In pursuit of this vision, our mission is to eradicate the systemic barriers that prevent people of color from being able to access the knowledge, networks, and capital required for entrepreneurial success and wealth creation. Our three programmatic areas are as follows: