Entrepreneurship, Business

Four ways entrepreneurs young and old can benefit from succession planning

19 February 2020

Four ways entrepreneurs young and old can benefit from succession planning

Source: Unsplash

Exiting a business can be a moment of truth for entrepreneurs. After many years and much effort in forging a company, entrepreneurs typically want their business to flourish after they leave and for it to continue to embody their principal values. A succession plan can be crucial to achieving these goals. Business succession can take many forms such as passing a company to the next generation or selling your interests – whether to a partner, a rival, or the public market. Robust succession planning opens up multiple opportunities. It is vital for entrepreneurs whether they are planning to retire, to move on to a new challenge, or to maintain some role in the stewardship of the company.

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