Importance of Succession Planning in Business

Category: Business

What is Business Succession Planning? Business succession planning is a series of decisions about who will take over your business in the event of your retirement, disability or death. This includes logistical as well as important financial business decisions. The succession planning process involves ways to transfer ownership of your business. Whether you are creating succession planning for a small-scale business, a large organization like a major corporation, a non-profit organization, or a government organization, the process boils down to a few common steps.