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.
What is Business Succession Planning and how long does the process usually take?