The time will come when you and your management team or partners won't be the people running your business any longer. You might exit your business because it is time for you to retire, a planned event. Or, you could leave your business because of an unexpected event — a disabling illness or accident, or even death. Who will take the helm after you are gone?
"Succession planning" is a way to plan ahead for the day when you will no longer be in the driver's seat when it comes to your business affairs. It is a critical part of business planning, whether your business is family-owned and you plan to leave it to an upcoming generation, or you simply need to put the right, trained talent in place to have a line of good leaders who can run your business into the future.