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What is Succession Planning?

Succession planning is a critical aspect of long-term business strategy that often goes overlooked until it becomes an urgent necessity. A succession plan establishes and formalizes all the elements that make a business run in legal documentation, preparing it to show its strength to anyone - buyer, banker, broker, or successor. Plans also protect the company and prepare owners to grow, expand, or buy businesses rather than worrying about the unexpected. It's a proactive approach to ensuring the seamless transition of leadership and talent within your company. In this blog post, we'll delve deeper into what succession planning is and why it's essential for the future of your business.