There are a number of reasons why approaching your transition early and on a proactive and deliberate basis might be a better idea than leaving the process to chance.

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• the complexity of business today requires strong skill sets

• you want to leverage your knowledge and talent

• you want to ensure that your financial future is more secure (assuming that the value of your business, or a future income stream from it, is important to you)

• to identify the skills needed and work on development of those in your identified next leader

 

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Even if your exit strategy is to sell to an outside buyer rather than internal one (i.e. children, other family members or existing key personnel), having a strong management team in place is a real plus. Continual assessment, promotion, and development and retention of your key performers are critical to a successful plan.

Your legacy is not just money but also your social and emotional capital