Succession planning keeps your business moving forward during the inevitable changes that come with running a business. Historically, only one-third of North American business owners successfully pass the baton to the next generation. The top two reasons why family business owners don’t retain their businesses are: no qualified successor and lack of planning.
Why have a business succession plan?
- Make sure you always have the right leaders in place should a change happen quickly
- Helps disaster-proof your business; it forces you to think long term
- Creates structure for long-term training and development of leadership (identifies your most-qualified future leaders)
- Helps company grow and plan for the long-term increasing the value of your business
- Knowledge transfer and process refinement (middle management can
- Preserve brand identity and reputation
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