The strategic process of identifying and developing new leaders or owners who will take over when the current owner(s) or key executives retire, step down, or are otherwise unable to continue leading the business. The goal is to ensure the continuity and long-term success of the business, while minimizing disruptions during the transition of leadership or ownership. The process includes identification of successors, assessment and talent development, creation of a timeline, communication strategy, and financial and legal considerations.
Succession Planning
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