Many business owners are so caught up in running the business that they do not always take the time to plan for the future. You have worked hard to build a solid company and it is important to take the time think about what happens when you are gone. Will you pass on the business to a family member, are they prepared to handle the business if you are not there to support them, will you need to spend a lot of time mentoring them so they can successfully take over the reigns?
Succession planning can mean life or death when it comes to your business. Don't let the process scare you, learn the basics to succession planning today, and ensure your business will live beyond tomorrow.