In a nutshell, succession planning is about the successful evolution of your business. It involves using business development and personnel development to prepare the business for the next generation – after you’re no longer at the helm. The idea is to ensure that the value of the business is maintained and, if possible, actually enhanced, regardless of who’s in charge.
Succession planning is an easy thing to put off. Very few entrepreneurs tackle succession planning in good time – many are simply forced into it because of an impending notional retirement date, ill health or other changes in circumstances.
To read the rest of this blog, which is based on an extract of Andrew Gray’s book Do More of What You Love: The New Approach to Business Succession Planning – go to here