Business Succession Planning

You have a great business; one that you know has the potential to earn big. You have a good business strategy, a great business location, great products or services; in fact, everything is just…well, great. You start out your business that, albeit still small, you know will eventually grow big one day. Everything is just going along fine as you embark on the road of business and entrepreneurship.

However, every business owner eventually aims to retire or eventually leaves the business and hence effective succession forms part of all business strategic plans. Succession needs to be planned well in advance of your retirement or when you’re exiting your business. Succession management is a strategy of every well-run business. Effective succession provides for a seamless transition from you to the new owners.