Small business owners often make the mistake of assuming that an adult child or senior employee is willing to take over the management of the business upon the death, or even retirement, of the owner, only to find out too late that their assumption was wrong. Of equal importance is ensuring that the individual you designate to step in and take over has the requisite legal authority and practical capacity to do so. A well thought out succession plan will ensure that a successor is ready to step up and take over as smoothly as possible should the need arise.
Home » FAQ » Business Succession Planning » What is management continuity?
