When you do the common things in life in an uncommon way, you will command the attention of the world.

George Washington Carver

any readers of The Green Sheet are self-made successes. They've worked hard, and long, to create family businesses from the ground up, and now they're enjoying the fruits of their labor. Some are even contemplating a relaxing retirement.

If you are one such professional, do you know what will happen to the business you've spent your career developing? When you retire, will the business simply cease to exist or do you have plans for it to continue? If the business will live on, do you plan for it to fund your retirement? If so, how will this happen? Who will succeed you? How and when will the transition occur?

Unfortunately, "The 2005 Family Business Survey" conducted by Kreischer Miller, in partnership with Bryant University and the Delaware Valley Family Business Center, found that few family-owned businesses have developed leadership or training plans for the future. The survey found that while 88% of business owners rank leadership succession as their top issue, 87% do not have a formal mentoring program for their next generation leaders. Thirty-nine percent do not have a clear, long-range strategy for their business. Further, 48% of owners have not ensured that their family and employees know about their management succession plans. What is really alarming is that 43% believe their family successors are unprepared for leadership.

If you are like most small business owners, your goal is to have the business continue to flourish and be profitable after you retire. You hope to fund your retirement, as well as help your children and employees build their careers. So, how do you ensure that your business will continue to thrive, even when you are no longer at the helm?

With the help of others, you will need to create a transition plan and make sure everyone involved is aware and on board with the plan. Here are some tips:

Start early

The key to a successful succession plan is planning done well in advance of the retirement party. Be prepared to have a long and involved succession period. Also, be flexible; the plan can and will change as the business evolves and people's needs change.

Ask for help

Just because you created the business on your own does not mean you must or should handle the succession plan alone. Your business has grown, the market has changed, and this is too important a process to take lightly. To avoid unnecessary risks, ask for outside advice and guidance. Consult an attorney, a tax advisor and anyone else who can help you make the best decisions for your future and the business's future.

Communicate

Do everything you can to set up your successors for success. That means training, educating and mentoring. But most of all, it means communicating the succession plan clearly and completely to all involved. With family, this process can be difficult and bruising to egos, but it is nevertheless imperative.

Discuss with those you wish to leave in charge whether they think they are capable of the job. Ask them to tell you honestly if they wish to take over the business. You may find that the one you believe is best qualified is not interested in the responsibility.

Evaluate

Evaluate the business and your future leaders. What are their strengths and weaknesses? Do they work well together or could there be issues? For example, if the person you envision taking over is an "idea person" but not great with details or follow through, will that work for the business? Or, would it be better for this person to be a Vice President or consultant and, instead, have someone who is more detail oriented at the helm? Circumstances vary from business to business; you'll need to make decisions that suit your unique business needs.

Be honest

Ask yourself some hard questions, and answer them honestly. For example, are you opposed to bringing in someone new to run the business? Do you want it to remain in the hands of friends and family? Recognize that this is an emotional decision for all involved. With that said, be realistic. If you have two children who fight like cats and dogs, don't set them (and the business) up for failure by making them Co-Presidents.

Revisit

Revisit the plan often and regularly to make necessary changes. Individuals' needs change, people pass away, the market fluctuates and so forth. All of these events may mean your succession plan needs modifications.

Finally, prepare to let go. Succession planning takes a tremendous amount of time, effort and emotion. The extra investment may make leaving the business even more difficult, and you may start to second-guess your retirement decision. Let go; let others take the helm while you enjoy some much-needed relaxation.