Business Planning Process Planning & Strategy

Why Succession Planning Is Key to the Survival of Your Business

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So, you’ve successfully created your own startup and things are going well. The business is profitable and growing, you’re hiring more employees, and everything is looking up. But, what does the future of your business look like? Will it always be run this way, even after you move on for one reason or another?

Succession planning is key to the survival of your business. It’s essential that you choose and train a successor to make sure that your business will continue its advancement after you. Many small businesses fail to do this, and end up failing because of the lack of a contingency and/or succession plan. Being prepared for anything is the best way to combat any unforeseeable issues.

Coming up with this plan can seem overwhelming. To help you out, Bestow created this infographic outlining the necessary steps to find a successor and create a plan. Don’t let all of the hard work that went into your startup go to waste. Just as you would make sure your children and/or pets would be taken care of if something happened to you, you should also ensure the continuation of your business.

Read the visual below to get started on your succession plan!


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