The Hidden Risk of “Someday” Thinking

Nearly 60 percent of small business owners admit they do not have a succession plan. Many wait until retirement is right around the corner before they take action, only to find it is too late. A smooth transition takes years of preparation, not months.

So let’s ask the hard question. What would happen to your business tomorrow if you suddenly could not be there? Without a plan, even the most successful company is at risk of losing value, closing its doors, or creating turmoil for employees and family members.

The Succession Planning Gap

The numbers are alarming. Two thirds of family businesses have not documented a transition plan. A Nationwide survey found that 60 percent of small businesses have no succession plan at all. Meanwhile, the so called Silver Tsunami of baby boomer retirements is underway. Millions of owners will be stepping down in the next decade, and most have no clear plan for who will take over.

Succession planning is not just about retirement. It is a business continuity strategy that protects what you have built no matter what happens.

What Happens Without a Plan

When there is no plan in place, the consequences are severe. Businesses may be forced to shut down altogether. Families can lose their main source of wealth. Communities lose jobs and vital services. Internally, companies struggle with high recruitment costs, culture breakdowns, and operational confusion.

The reality is simple. If you have not planned for succession, you are leaving the future of your business to chance.

Why Owners Delay and Why That’s Dangerous

So why do so many owners put succession planning on the back burner? Some believe it is too early. Others think they will deal with it closer to retirement. Many assume it will be too costly or too complicated.

The danger is that succession planning takes time. Experts say it often requires three to five years to implement properly. Yet research shows nearly half of owners plan to exit within the next five years and only 42 percent have a formal transition plan. Waiting until the last moment severely limits your options and often lowers the value of your business.

The Benefits of Early Succession Planning

Starting early changes everything.

Business continuity is protected in case of illness, accidents, or other disruptions
Enterprise value is preserved and can be increased, making your company more attractive to buyers
Employees are more likely to stay, with studies showing retention rises by 50 percent when clear growth paths are in place
Family security and legacy are safeguarded because the business does not suddenly collapse without leadership
Owners gain flexibility and control, choosing how and when to transition rather than being forced by circumstance

First Steps You Can Take Today

Succession planning can feel overwhelming, but it begins with small, manageable actions.

Get a business valuation to set a baseline for growth and transition
Identify potential successors whether from inside your team or outside the company
Document contingency plans for emergencies such as sudden illness
Explore proven frameworks like the Value Builder System to align growth with future readiness

Even simple early steps make a difference. The key is to start.

Secure Your Future with Dunnington Consulting

Every day you wait, you increase the risks to your business, your employees, and your family. At Dunnington Consulting, we specialize in helping small and mid-sized business owners create practical succession plans that protect value, ensure continuity, and build legacies that last.

Do not leave your future to chance. Contact Dunnington Consulting today for a free consultation and take the first step toward securing the business you have worked so hard to build.

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Why Every Small Business Needs a Succession Plan (Even If You’re Not Ready to Retire)