What’s your journey as a business owner? Will you run your business until retirement? Or will you sell and move on to a new venture? No matter what your end game looks like, it’s important to have a detailed succession plan in place so that your business continues to thrive after you step away. However, many business owners fail to prepare a succession plan.
According to research conducted by Brandon Hall Group, 39 per cent of respondents said their business would have no viable leadership candidates internally if the CEO exited. And, 71 per cent of respondents also said their leaders are not ready to lead their organisations into the future.
Because the old adage is true: Failing to plan, planning to fail, here’s how you can prepare a succession plan so you and your business can have a brighter, better future.