--- title: Succession Planning for the Small Business Owner description: A succession plan directs how your business will move forward in your absence. 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[Employee Benefits](https://blog.axcethr.com/topic/employee-benefits) - [All about COVID-19 in the Workplace](https://blog.axcethr.com/topic/covid19) - [Kansas & Missouri HR News](https://blog.axcethr.com/topic/kansas-and-missouri-hr-news) - [Kansas City Interest News](https://blog.axcethr.com/topic/kansas-city-interest-news) - [PEO/HRO](https://blog.axcethr.com/topic/peo) - Choose Topic: - [Human Resources](https://blog.axcethr.com/topic/human-resources) - Payroll Administrations - [Employee Safety & Risk Management](https://blog.axcethr.com/topic/employee-safety-risk-management) - [Employee Benefits](https://blog.axcethr.com/topic/employee-benefits) - [PEO](https://blog.axcethr.com/topic/peo) # Succession Planning for the Small Business Owner By [Jeanette Coleman, SPHR & SHRM-SCP](https://blog.axcethr.com/author/jeanette-coleman) on [Sep 27, 2019](https://blog.axcethr.com/succession-planning-for-the-small-business-owner) 3 min read [0 comment(s)](https://blog.axcethr.com/succession-planning-for-the-small-business-owner#comments-listing) Share this: - - - - [whatsapp://send?text=https://blog.axcethr.com/succession-planning-for-the-small-business-owner](whatsapp://send?text=https://blog.axcethr.com/succession-planning-for-the-small-business-owner) - [mailto:?subject=Succession%20Planning%20for%20the%20Small%20Business%20Owner&body=https://blog.axcethr.com/succession-planning-for-the-small-business-owner](mailto:?subject=Succession%20Planning%20for%20the%20Small%20Business%20Owner&body=https://blog.axcethr.com/succession-planning-for-the-small-business-owner) ![Succession Planning for the Small Business Owner](https://blog.axcethr.com/hs-fs/hubfs/Blog%20Image%20Succession%20Planning%20Blog%202.png?width=1000&name=Blog%20Image%20Succession%20Planning%20Blog%202.png) As a small business owner, you go through the risk, sacrifice and hard work to build your business from the ground up. And with all of this time and effort put into building and creating, not many successful owners, like yourself, are dreaming of their organizations dissolving or crumbling when they retire, become debilitated or pass away. But whether you’re too caught up in the day-to-day activities at your company, or subconsciously want to avoid the reality that we all have a limited amount of time on earth, [60% of business owners do not have a succession plan in place](https://www.inc.com/bob-house/why-every-small-business-owner-needs-to-start-their-succession-planning-now.html). Unfortunately, succession planning doesn’t just ‘work itself out’ and the process takes a lot more time and energy than many may guess.  A succession plan directs how your business will move forward without you at the helm. It details your vision, identifies a successor and discusses the transition process. While this post is dedicated to succession planning for the small business owner, a thorough succession plan also provides succession details for other key employees. To learn more about how to create a succession plan for your entire leadership team [read this blog](https://blog.axcethr.com/business-succession-planning-why-it-should-be-your-top-priority). [![business succession planning tips to start the process](https://no-cache.hubspot.com/cta/default/2652187/dc76af88-99fa-4889-ad25-84d3480595f6.png)](https://cta-redirect.hubspot.com/cta/redirect/2652187/dc76af88-99fa-4889-ad25-84d3480595f6) ## Four Succession Planning Questions As a good starting point for most small business owners, consider these four succession planning questions. 1. ### Do you have an heir? Passing ownership to a key family member is a popular choice, and even a lifelong dream for many small business owners, especially those with children or close family members who have worked at their company since its start. And while this may be a clear choice when there is only one key family member, it can get tricky when multiple family members are employed at your business. Typically, picking a single successor, versus dividing it up among families, is a better option. One drawback to dividing up a business among family members is that emotions can get strong and conflicts may arise. Further, most businesses are easier to manage when there is only one decision-maker in charge, especially in times of transition. This is especially important to remember when considering only 30% of second-generation family businesses survive. 2. ### Do you have a partnership? If your business is a partnership, passing your share to your partner/s may seem like the easiest transition. But without the right agreements in place, your share of the business generally won’t automatically transfer to your partner/s if you die. In fact, if married, it typically passes to a spouse. Often, a spouse may have little knowledge or interest in running the business. To ease the transition to a partner, in terms of having the available cash to buy out your share, partners may consider the purchase of life and disability buyout insurance on all partners at the business, with the funds going to your surviving family members. 3. ### Is there a key employee at your business? For small business owners without an heir or partner, passing the business on to a key employee is another option. If you’re concerned about the integrity of your organization being maintained, a key employee is typically more reliable than an outside buyer in this regard. Consider your organizational chart and how well regarded the individuals are by the entire team. When selecting a key employee, it pays to have your succession plan in place well in advance to provide ample time to train and mentor the individual to ensure success. The drawback to having a key employee purchase your business most often comes down to money. Generally, one of the two options is pursued. The key employee may pay a down payment to your surviving family and then issue payments over a set period of time. Another option, which provides for quicker payout to your survivors, is to have the key employee take out a small business acquisition loan. 4. ### In the absence of the above, is there an interested outside buyer? In the absence of an heir or key employee, many small business owners assume they will sell their companies to an outside buyer, like another entrepreneur or even a competitor, with hopes of funding their retirement. If your dream is to sell to the highest-paying buyer, understand it takes years of preparation, from training management and ensuring operations are as turnkey as possible, to showing long-term financial stability. When selling to an outside buyer, generally you’ll have the least amount of future contact with your organization. You won’t know how the new owner will handle the future operations of your business (i.e. what will happen to client relationships, your current employees and your vision). Whichever succession plan you decide on, planning well in advance will help prepare your organization for the smoothest transition possible for all parties involved. Consider your succession plan to be the peace of mind for the unexpected … not just for when you retire.    [![Organizational Development Consulting](https://no-cache.hubspot.com/cta/default/2652187/interactive-189255892237.png)](https://blog.axcethr.com/hs/cta/wi/redirect?encryptedPayload=AVxigLI2XuB8Q%2FvYTpx8VAXV%2BGDyF1yZb8L%2BJFxDn2164w%2FosmaINM590J7%2BzftxnzCLW%2FyTsdt9FSxzjcjlPzxxScqhtEbky3bMRHormqyTE5IQ74fSAkmJbFHNdjdJp1YBKR1tpJZS5QfsNc0Sk%2BBm2JNXPsejXcH3syEtn7Eqvk6E1H1HTWxlwKA%2B1THiBr1OelzvFMN5A%2FXDcMEgSpSU0Ve%2BTp9NuIZUvfGOn%2FqM1VGQ1LKy6rkeJb%2FesTL1UtclHoNmrcoHVjlnBW9RIpMBVwXoAvU%3D&webInteractiveContentId=189255892237&portalId=2652187) Succession planning is just one piece of a comprehensive organizational development plan.  Learn how Axcet can help you with [strategic organizational development](https://www.axcethr.com/services/human-resources/organizational-development/). [![HR Headaches? Our Comprehensive HR Solutions can Help you Gain 40 Percent of Your Time Back.](https://no-cache.hubspot.com/cta/default/2652187/8425fef4-9497-4c72-8bdc-d148d0bb94c6.png)](https://cta-redirect.hubspot.com/cta/redirect/2652187/8425fef4-9497-4c72-8bdc-d148d0bb94c6) [![Jeanette Coleman, SPHR & SHRM-SCP](https://blog.axcethr.com/hs-fs/hubfs/Jeanette-04.jpg?width=80&height=80&name=Jeanette-04.jpg)](https://blog.axcethr.com/author/jeanette-coleman) Written by #### [Jeanette Coleman, SPHR & SHRM-SCP](https://blog.axcethr.com/author/jeanette-coleman) Jeanette Coleman, SPHR, SHRM-SCP, is the Director of Human Resources at Axcet HR Solutions, where she has contributed her expertise for over 21 years. As a leader in the HR industry, she holds advanced certifications as a Senior Professional in Human Resources (SPHR) and SHRM-Senior Certified Professional (SHRM-SCP). Jeanette oversees HR strategy and operations, ensuring Axcet delivers exceptional HR services that help small and mid-sized businesses stay compliant and grow. With a Master’s degree in Human Resource Management from Keller Graduate School and a Bachelor of Science in Business Administration from Kansas State University, Jeanette is well-equipped to lead and support clients in navigating complex HR challenges. Throughout her 15-year tenure as Director of Human Resources, she has been instrumental in positioning Axcet as the Midwest’s largest and premier Professional Employer Organization (PEO). Her previous roles at Axcet include Director of Employee Benefits and Senior HR Consultant, where she gained extensive experience in HR outsourcing, and employee risk management. Jeanette’s expertise has been recognized through industry and regional publications. She co-authored the article “High-Touch in the Age of High-Tech: How PEOs Can Embrace AI Without Losing Their Humanity” (https://peoinsider.org/articles/high-touch-in-the-age-of-high-tech-how-peos-can-embrace-ai-without-losing-their-humanity/) for PEO Insider (March 2026), alongside Jo McClure, and was featured in Ingram’s Magazine in a Q&A (https://ingrams.com/article/qa-with-jeanette-coleman/) discussing generational change, technology, and workplace culture. These contributions reflect her perspective on balancing innovation with the human side of HR. Jeanette’s leadership reflects her deep commitment to helping businesses thrive through strategic, compliance-driven HR solutions. Through her writing, she shares insights on HR strategy, compliance, and best practices to help employers confidently manage their workforce. Published in: PEO Insider and Ingram's Read more [View all posts →](https://blog.axcethr.com/author/jeanette-coleman) ### Get HR Updates ### Table of Contents ### Related Resources - [services Human Resources](https://www.axcethr.com/services/human-resources/) #### [To Make Employees Feel Engaged, Benefits Matter ![To Make Employees Feel Engaged, Benefits Matter](https://blog.axcethr.com/hubfs/Blog%20Image%20Employee%20Engagement.png)](https://blog.axcethr.com/to-make-employees-feel-engaged-benefits-matter) #### [![Right to Disconnect: Guidelines for Contacting Employees After Hours](https://blog.axcethr.com/hubfs/Blog%20Image%20Right%20to%20Disconnect.png) Right to Disconnect: Guidelines for Contacting Employees After Hours](https://blog.axcethr.com/right-to-disconnect-guidelines-for-contacting-employees-after-hours) ## Let us know what you think... ![AxcetHR Blog](https://blog.axcethr.com/hubfs/AxcetHR2021%20Blog/axcethr_logo_white%20(1).png) - [Why Axcet](https://www.axcethr.com/why-axcet/) - [What We Stand For](https://www.axcethr.com/about-us/what-we-stand-for/) - [Expertise](https://www.axcethr.com/expertise/) - [Employee Benefits](https://www.axcethr.com/services/employee-benefits/) - [Human Resources](https://www.axcethr.com/services/human-resources/) - [Payroll Services](https://www.axcethr.com/services/payroll-and-tax-administration-services/) - [Risk Management](https://www.axcethr.com/services/workers-comp-and-employee-safety-risk-management/) - [Meet the Team](https://www.axcethr.com/about-us/meet-the-team/) - [Subscribe to Latest Resources](https://www.axcethr.com/subscribe-to-the-latest-resources/) - [Resource Library](https://www.axcethr.com/expertise/resource-library/) - [\[ Client Portal \]](https://www.axcethr.com/client-services/) - - - - - Search for: Copyright © 2023 Axcet HR Solutions – Kansas City's PEO Since 1988 | [Privacy Policy](https://www.axcethr.com/privacy-policy/) | [Terms and Conditions](https://www.axcethr.com/terms-conditions/) | [**Join our Team – Careers »**](https://axcethrsolutions.prismhr-hire.com/) 10975 Grandview Drive Suite 200, Corporate Woods Building 27, Overland Park, KS 66210 | Call us: 913-383-2999 *The IRS does not endorse any particular For more information on [certified professional employer organizations](https://www.axcethr.com/why-axcet/certified-peo/), go to [www.irs.gov](https://www.irs.gov).* Remove cookies ![](https://dc.ads.linkedin.com/collect/?pid=43031&fmt=gif) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Jeanette Coleman, SPHR & SHRM-SCP", "url" : "https://blog.axcethr.com/author/jeanette-coleman" }, "dateModified" : "2025-04-25T20:07:41.446Z", "datePublished" : "2019-09-27T12:40:00.000Z", "headline" : "Succession Planning for the Small Business Owner", "image" : [ "https://blog.axcethr.com/hubfs/Blog%20Image%20Succession%20Planning%20Blog%202.png" ], "mainEntityOfPage" : { "@id" : "https://blog.axcethr.com/succession-planning-for-the-small-business-owner", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://blog.axcethr.com/hubfs/_logo_axcethr_primary.png" }, "name" : "Axcet HR Solutions" } } ``` ```json { "@context" : "https://schema.org", "@id" : "https://www.axcethr.com/#organization", "@type" : "Organization", "address" : { "@type" : "PostalAddress", "addressCountry" : "US", "addressLocality" : "Kansas City", "addressRegion" : "MO" }, "aggregateRating" : { "@type" : "AggregateRating", "bestRating" : "5", "ratingValue" : "5", "reviewCount" : "100" }, "areaServed" : { "@type" : "Country", "name" : "United States" }, "award" : [ "IRS Certified Professional Employer Organization (CPEO)", "Award-Winning HR Solutions Provider", "SHRM Certified HR Professionals", "HRCI Certified HR Professionals" ], "contactPoint" : { "@type" : "ContactPoint", "areaServed" : "US", "availableLanguage" : "English", "contactType" : "Customer Service" }, "description" : "Award-winning Professional Employer Organization (PEO) providing comprehensive HR solutions, payroll services, employee benefits, and risk management to small and mid-sized businesses. 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And with all of this time and effort put into building and creating, not many successful owners, like yourself, are dreaming of their organizations dissolving or crumbling when they retire, become debilitated or pass away. But whether you’re too caught up in the day-to-day activities at your company, or subconsciously want to avoid the reality that we all have a limited amount of time on earth, 60% of business owners do not have a succession plan in place. Unfortunately, succession planning doesn’t just ‘work itself out’ and the process takes a lot more time and energy than many may guess. A succession plan directs how your business will move forward without you at the helm. It details your vision, identifies a successor and discusses the transition process. While this post is dedicated to succession planning for the small business owner, a thorough succession plan also provides succession details for other key employees. To learn more about how to create a succession plan for your entire leadership team read this blog. Four Succession Planning Questions As a good starting point for most small business owners, consider these four succession planning questions. Do you have an heir? Passing ownership to a key family member is a popular choice, and even a lifelong dream for many small business owners, especially those with children or close family members who have worked at their company since its start. And while this may be a clear choice when there is only one key family member, it can get tricky when multiple family members are employed at your business. Typically, picking a single successor, versus dividing it up among families, is a better option. One drawback to dividing up a business among family members is that emotions can get strong and conflicts may arise. Further, most businesses are easier to manage when there is only one decision-maker in charge, especially in times of transition. This is especially important to remember when considering only 30% of second-generation family businesses survive. Do you have a partnership? If your business is a partnership, passing your share to your partner/s may seem like the easiest transition. But without the right agreements in place, your share of the business generally won’t automatically transfer to your partner/s if you die. In fact, if married, it typically passes to a spouse. Often, a spouse may have little knowledge or interest in running the business. To ease the transition to a partner, in terms of having the available cash to buy out your share, partners may consider the purchase of life and disability buyout insurance on all partners at the business, with the funds going to your surviving family members. Is there a key employee at your business? For small business owners without an heir or partner, passing the business on to a key employee is another option. If you’re concerned about the integrity of your organization being maintained, a key employee is typically more reliable than an outside buyer in this regard. Consider your organizational chart and how well regarded the individuals are by the entire team. When selecting a key employee, it pays to have your succession plan in place well in advance to provide ample time to train and mentor the individual to ensure success. The drawback to having a key employee purchase your business most often comes down to money. Generally, one of the two options is pursued. The key employee may pay a down payment to your surviving family and then issue payments over a set period of time. Another option, which provides for quicker payout to your survivors, is to have the key employee take out a small business acquisition loan. In the absence of the above, is there an interested outside buyer? In the absence of an heir or key employee, many small business owners assume they will sell their companies to an outside buyer, like another entrepreneur or even a competitor, with hopes of funding their retirement. If your dream is to sell to the highest-paying buyer, understand it takes years of preparation, from training management and ensuring operations are as turnkey as possible, to showing long-term financial stability. When selling to an outside buyer, generally you’ll have the least amount of future contact with your organization. You won’t know how the new owner will handle the future operations of your business (i.e. what will happen to client relationships, your current employees and your vision). Whichever succession plan you decide on, planning well in advance will help prepare your organization for the smoothest transition possible for all parties involved. Consider your succession plan to be the peace of mind for the unexpected … not just for when you retire. Succession planning is just one piece of a comprehensive organizational development plan. Learn how Axcet can help you with strategic organizational development.", "author" : { "@id" : "https://blog.axcethr.com/author/jeanette-coleman#author", "@type" : "Person", "name" : "Jeanette Coleman, SPHR & SHRM-SCP", "url" : "https://blog.axcethr.com/author/jeanette-coleman" }, "dateCreated" : "2019-09-27", "dateModified" : "2025-04-25", "datePublished" : "2019-09-27", "description" : "As a small business owner, you go through the risk, sacrifice and hard work to build your business from the ground up. And with all of this time and effort put into building and creating, not many successful owners, like yourself, are dreaming of their organizations dissolving or crumbling when they retire, become debilitated or pass ...", "editor" : "Jeanette Coleman, SPHR & SHRM-SCP", "genre" : "Human Resources and Employee Management", "headline" : "Succession Planning for the Small Business Owner", "image" : "https://cdn2.hubspot.net/hubfs/2652187/Blog%20Image%20Succession%20Planning%20Blog%202.png", "keywords" : "Human Resources, Small Business, human resource management, HR, succession plan, what is succession planning, what is a succession plan, HR succession planning, business succession planning, succession planning process, succession planning strategy, how to succession plan, what is a succession plan in business, smallbusiness succession plan, organizational development", "mainEntityOfPage" : { "@id" : "https://blog.axcethr.com/succession-planning-for-the-small-business-owner", "@type" : "WebPage" }, "publisher" : { "@id" : "https://www.axcethr.com/#organization", "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://blog.axcethr.com/hs-fs/hubfs/axcethr_logo_white.png?width=225&name=axcethr_logo_white.png" }, "name" : "Axcet HR Solutions" }, "url" : "https://blog.axcethr.com/succession-planning-for-the-small-business-owner", "wordCount" : "5027" } ``` ```json { "@context" : "https://schema.org", "@type" : "BreadcrumbList", "itemListElement" : [ { "@type" : "ListItem", "item" : "https://www.axcethr.com/", "name" : "Home", "position" : 1 }, { "@type" : "ListItem", "item" : "https://insights.axcethr.com/", "name" : "Insights", "position" : 2 }, { "@type" : "ListItem", "item" : "https://insights.axcethr.com/tag/human-resources", "name" : "Human Resources", "position" : 3 }, { "@type" : "ListItem", "item" : "https://blog.axcethr.com/succession-planning-for-the-small-business-owner", "name" : "Succession Planning for the Small Business Owner", "position" : 4 } ] } ```