Succession planning doesn’t have to be overwhelming. In this piece, business exit specialist Anna Lum breaks down five easy, daily habits that will make your dismount a smoother one.
Succession planning. Exit readiness. Future-proofing. These all sound big, complex, and far away when you’re deep in the day-to-day of running a small business. But after 15 years in business, here’s what I know: future-proofing doesn’t have to be overwhelming, and it doesn’t mean preparing to exit tomorrow.
It simply means building habits into your business now that make it stronger, more stable, and able to withstand change, whether that change is planned or not.
Here are five practical ways to start. They’re based on real lessons learned the hard way so you don’t have to.
1. Track your key numbers weekly
Most owners don’t have a real-time view of business performance, but that visibility is crucial if you want to make smart decisions, spot red flags early, and understand what’s really driving (or draining) your profit.
Set up a simple dashboard with five or so metrics that matter most: revenue, gross profit, net profit, wages, stock levels, average order value, whatever fits your business. Review it weekly. Bonus points if your team knows the numbers too.
When we restructured our own family business, getting clarity on each location’s performance helped us double our valuation. Seeing at a glance how we were tracking against budget, last month, or last year uncovered exactly where we were bleeding money and where the growth levers were.
We started with just a spreadsheet and basic accounting software (Xero). No fancy platforms, just clear numbers, tracked consistently. No matter your size, start now. Use even the simplest tools, but get in the habit of tracking and understanding your numbers.
2. Document as you go
Future-proofing isn’t about a 200-page manual. It’s about making sure the knowledge that runs your business isn’t stuck in someone’s head.
Start small. Have team members document key recurring tasks in simple bullet points, checklists, or short videos (Loom is great for this).
At my own retail and manufacturing business, we built a live training manual by getting staff to document processes as they did them. It kept things current, easy to follow, and reduced costly mistakes, especially when onboarding new hires.
3. Create a “What if I vanished?” plan
If you had to step away for 30 days, would your business survive? Would your team know what to do?
This isn’t just about selling. Life throws curveballs; illness, family emergencies, unexpected opportunities.
In my most recent acquisition attempt, the business had no documented processes. The owner was the business. After three years on the market and no serious traction, they had to shut down due to health reasons. As a buyer, the risk of no clear handover or operating manual was a massive red flag and ultimately one of key breakers.
Don’t let that happen to your business. Create a simple handover plan: key logins, contacts, processes, payment cycles, priorities. You’ll sleep better knowing things won’t fall apart if you’re not there.
4. Build team accountability
No system works without ownership. Even if your team is small, assign clear responsibilities. Get your people involved in reviewing results, updating SOPs, and owning their patch.
But avoid making someone irreplaceable. Ownership doesn’t mean only one person knows how to do the job. Always have a backup, and make sure there’s a documented SOP others can follow if needed.
When your team thinks like owners, your business becomes far more resilient.
5. Spot and solve bottlenecks early
Every growing business hits friction points: a process, system, person (or you!) becomes the bottleneck.
Ask yourself: What keeps breaking when we get busy? What slows us down unnecessarily?
Don’t wait. Fix it before it becomes a bigger issue.
Often, the fix isn’t complex, it’s just something you haven’t had time to address. Make time. That’s what future-proofing is all about.
Wrap up
The best part is, these steps don’t just prepare you for a potential sale. They help you run a stronger business today, with less stress, more clarity, and better results.
Whether or not you ever plan to sell, building a future-proof business gives you options, freedom, and peace of mind. And it starts right here, right now.
