What is succession planning? The process of planning for the day an owner decides to step down from their leadership role in a business.

 

Why should a business have a written transition plan? Small businesses are the lifeblood of rural communities. The longevity of the goods and services that those businesses provide is crucial to the overall continued success of a city. Having a succession plan in place is good for a business owner and their customers. Unplanned exits do occur for a variety of reasons (such as: divorce, death, disability, departure, or disagreement), so it makes sense to be prepared.

 

Follow the link below for more information on succession planning: