What is succession planning for small business?
Succession planning sets up a scenario that allows for the successful continued operation of a business in event of a death, injury or illness that leaves the head of a business incapacitated or unable to carry on as the leader. It recognizes that even the founding entrepreneur must ultimately be replaced.
Succession planning includes assessing the requirements of the business and matches them with the capabilities of prospective replacements, which may or may not be family members.
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