Succession Planning

Succession Planning

Succession Planning is the objective of passing on the leadership, or ownership of a company to the next in line or most capable. This may be a shareholder, group of shareholders, or employees.

A good succession plan ensures that a business continues to run smoothly after the companies most important people move on to new opportunities, retire or pass away.

This often involves identifying those capable within, or if there is a need to look outside the existing organization.

Succession Planning is often combined with Estate Planning, with the key element being the continued success of the business.