With a clearer idea of your future direction, consider your options and put steps in place to prepare, writes Pitcher Partners Adelaide partner Lisa Tsoulakis.

Business owners and founders know that having a succession plan in place can help protect your legacy, your wealth and provide stability in the years ahead.

Yet only 45 per cent of businesses with under $10 million turnover have even a rough plan, let alone one that’s well thought out. So what’s the blocker? Why do so many small and medium businesses not have one?

For many, it’s getting started.

Succession planning is often seen as a single, monumental task. This perception explains why 31 per cent of business owners report not having enough time to commit to developing a plan.

While business leaders are buried in operational tasks, there is little time – or inclination – towards strategic, big-picture thinking like who will take over.

Succession planning may feel like shifting a heavy boulder – at first, it seems impossible.

But small steps and external support can smooth the path, and once that boulder begins to roll, momentum builds, and every step forward becomes easier.

The reality is that........

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