Succession planning is crucial for ensuring a smooth leadership transition, preserving the company’s legacy, and preparing for unexpected changes.
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Exit planning should be a key part of your business strategy from the start, as early preparation maximizes value and ensures a smooth transition when the time comes to sell.
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After all the hard work that goes into starting and maintaining a business, deciding years later to sell that business can be among the biggest challenges in a CEO or business owner’s career. Here’s how to fully prepare yourself and your company for the challenge ahead.
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It may not seem possible now, but the day will come when you no longer run your business (either as a CEO or business owner). Recognizing this inevitability is the first step towards selecting and grooming a successor who holds the same passion for the business as you.
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For business owners who have spent their lives building a business, retiring may not be an easy prospect.
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