Business owners who fail to engage in business succession could find themselves in a dire situation if emergencies arise. This strategy is especially important to sole proprietors and small business owners because it authorizes a person to take control and keep the company afloat.
Setting up a business succession plan isn't difficult, but does necessitate making smart decisions. The type of plan that is put into place depends upon certain factors such as choosing a successor and determining the company's value.
Every major corporation has contingency plans in place to ensure operations can continue regardless of what happens. Just as CEOs designate key personnel to assume their duties, small business owners ought to do the same.