Your family business succession plan will guide you to creating value in your business. Your goal is to create a commercial, profitable enterprise that works without you. This process takes many steps, but the smart business owner knows that the real value of any company is found when they exit the business. Therefore, having an exit plan that includes succession planning is crucial to the success of any organization. These five items are key ingredients to any succession management plan.
1. Review / upgrade software and technology
2. Report all sales
3. Consider a product display or showroom
4. Systematize processes
5. Prepare for the unexpected in selling the business
