Succession planning is an essential part of any business’s growth strategy. There are many reasons why you might need to consider succession planning, including retirement, the sale of the business, or a change in your role within the company.
Having a succession plan in place will give confidence to outside investors, partners, customers, and the internal team that business continuity will not be disrupted. Some of the most important considerations include identifying key personnel, training and development programs, and establishing communication protocols.