As a business owner, you may wonder who will take care of your business when you step down. Cassie Mogavero, Financial Center Manager with Fifth Third Bank, suggests working with a financial planner to create a succession plan that will protect your life’s work. “Many small business owners are so focused on making sure their businesses are successful right now, they forget about planning for the future,” Mogavero says. “Succession planning is an important step for every business. It’s about being proactive and ultimately making life easier later on.”

The last thing you want is for your business to crumble after you’ve spent a lifetime building it. “Succession planning can help ensure that your wishes are carried out for your business,” says John Muench, Financial Center Manager with Fifth Third Bank. “Without a proper plan in place, important decisions are left for other people to make.”

Five common mistakes
Muench outlines five common succession planning mistakes – and what you can do to avoid them:

If you’re interested in buying a business, a financial organization, such as Fifth Third Bank, can help make your purchase a success. “We can help with everything from buying strategies to financing,” says Tom Arnold, Financial Center Manager with Fifth Third Bank.

Starting a business takes more than a good idea. Even after you’ve found funding and investors, created a business plan and collaborated with your attorney and certified public accountant (CPA), the hard work still isn’t over. “Keeping your business running smoothly is just as involved as getting it off the ground,” says Jennifer McConnell, a business banking team leader at Fifth Third Bank.

Many people dream of owning their own business. The fact is, many times it remains a dream – but it doesn’t have to be that way. “It is possible to follow your passions and have a successful business even in today’s economy,” says Adam Herr, a business banking officer at Fifth Third Bank. “But following the right steps can mean the difference between getting off the ground or not.”

Operating a small business can be a daunting task no matter what the economic climate. With so many working parts, such as expenses, profits and productivity, it’s easy to forget the people who make a new business happen: the employees.

“Attracting and maintaining a team of employees is a crucial component in making sure your business is a successful one,” says Ryan Bihl, a financial center manager at Fifth Third Bank. Here, he highlights three services small businesses owners can use to recruit potential workers.