Difference between revisions of "Succession Planning"
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'''Succession planning''' is the process of preparing for the eventual transfer of power and responsibility from one generation to the next. This can include identifying and training potential successors, creating a plan for how the business will be run during and after the transition, and putting measures in place to ensure a smooth changeover. Succession planning is important for businesses of all sizes, but it is especially critical for family-owned businesses, which often have complex ownership structures. | '''Succession planning''' is the process of preparing for the eventual transfer of power and responsibility from one generation to the next. This can include identifying and training potential successors, creating a plan for how the business will be run during and after the transition, and putting measures in place to ensure a smooth changeover. Succession planning is important for businesses of all sizes, but it is especially critical for family-owned businesses, which often have complex ownership structures. | ||
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| + | ==See Also== | ||
| + | *[[Enterprise Risk Management (ERM)]] | ||
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| + | ==References== | ||
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Revision as of 15:40, 29 December 2022
Succession planning is the process of preparing for the eventual transfer of power and responsibility from one generation to the next. This can include identifying and training potential successors, creating a plan for how the business will be run during and after the transition, and putting measures in place to ensure a smooth changeover. Succession planning is important for businesses of all sizes, but it is especially critical for family-owned businesses, which often have complex ownership structures.
See Also