Business Succession Planning Is The Process What Will Happen To Business
Business Succession Planning Is The Process What Will Happen To Business Parklin Law Whether you’re preparing for a transition of leadership in your company or planning for the sale of the business, you’ll need to consider how your succession plan will work. This will depend on the complexity of your business, but a good plan will include how the transition will work, as well as how you prepare the individual who will take over as leader. Selling your business to a co-owner, key employee, or outside buyer Whether you are selling your business to a co-owner, key employee, or an outside buyer, it’s important to have a succession plan in place. A plan can help you avoid disruptions and minimize the financial impact of your exit. A succession plan is a strategic plan that defines who will own and operate your business when you retire or leave the company. It includes everything from standard operating procedures to training documentation to recurring processes. It also covers unexpec...