At some point in a business’ life cycle, the key owner will either be ready to retire or sell his business and someone needs to be prepared to assume management. Frequently, unplanned succession occurs due to the death, disability or divorce of a principal. With no one groomed for the position, how will the company survive? Businesses with a succession plan in place are more attractive to potential buyers. Effective management is critical to the continued success of a business. Read this article to learn how to structure a succession plan for your company.
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