It is inevitable that one day a business owner will have to leave their business. Whether they sell, retire or leave due to health reasons, it is important for business owners to plan what will happen to the business when that day eventually arrives.
Creating and implementing a succession plan can provide valuable benefits for a business. Succession plans can enable smooth transitions and decrease the likelihood of disruptions. Early succession planning can also maximise a business’s value to help it meet future needs.
A good succession plan will ensure the business continues to run smoothly when something unexpected happens to the owner that prevents them from working. No business should be dependent on one person for survival. Owners need to have a sound plan in place so that the business can run efficiently and grow without their sole management.