You should have a succession plan for your business. Nobody likes to think about it, but it's inevitable that one day you'll leave. Whether you decide to sell the business, retire or have to retire from your business due to health reasons, it's important that you plan for that day. A succession, or exit plan outlines who will take over your business when you leave.
A good succession plan enables a smooth transition to the new business owners with less likelihood of disruption to operations. By planning your exit well in advance you can maximise the value of your business and enable it to meet future needs.
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