succession planning

Succession planning is a critical aspect to any business. The primary goal of succession planning is determining who will own and who will run a business when the current owner is unable to or after the current owner passes away. A well put together succession plan will provide for a smooth transition from the current owner to the next owner. Succession plans generally include a few key people. Family members of owners, business partners of owners, and managers of the business. Each person plays a vital role in how the business will be owned and managed following the death or disability of an owner.