Don’t have a succession plan? It’s time to lay the groundwork for a smooth exit…
By: A Staff Writer
Updated on: Oct 25, 2024
Many founders put this off, not wanting to think about leaving. Unexpected events can then derail the business.
How to deal with the problem:
- Identify potential successors: Family members, key employees, or external buyers.
- Start grooming your successor early: Transfer knowledge and responsibilities gradually.
- Consult with professionals: Attorneys and advisors specialize in succession planning.
Succession planning isn’t just about you – it safeguards employees, customers, and your legacy.