Business succession planning is the process of deciding what should happen to a business if an owner retires, becomes incapacitated, or dies.
A succession plan may identify who will manage the company, who may receive ownership interests, and how ownership can be transferred. Depending on the business, the plan may involve family members, employees, co-owners, or an outside buyer.
A clear plan can help reduce uncertainty and give family members and business partners guidance during a major transition.
