“If you don’t know where you are going any road will take you there.” -The Cheshire Cat
As the wily feline wisely suggested to Alice, knowing where you are going is the key to knowing how to get there. At no time is this more true than when a business owner is working on their succession plan. In our previous posts on succession planning, we stressed the importance of creating two different succession plans – an emergency plan and a long-term plan, and how to implement the management changes necessary for both of these plans to succeed. In this post, we will focus on transition planning to prepare for a change in the ownership of the business.
Continue Reading Succession Planning Part 3: Ownership Transition – Passing on the Keys to the Kingdom