Effective Succession Planning Leads to Business Longevity

Choosing the right successor can make or break the future of your business. The next-in-line should have long-lasting passion for the work, the company's respect and the expertise needed to maximize profits and promote business longevity.

Can your successor make the tough decisions you may have struggled with in the past?

It's a question worth pondering, especially considering only 30% of family-owned businesses survive the second generation. Many of these failures result from a lack of succession planning. According to the Exit Planning Institute, 78% of businesses have no transition team, and 83% have no written transition plan.

An effective succession plan ensures the company remains a thriving