Business Succession Planning is essentially Estate Planning for businesses.
It is the process of identifying and developing key internal personnel
to fill key business leadership positions in the company. Effective succession
planning allows a business to run un-interrupted despite the retirement,
incapacity, or death of the business’ original key executives. The
planning time can vary. It generally depends on the size of your business,
how many key executives you need successors for and also the complexity
of your succession plan.