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Establish a succession plan for your business from "summary" of The Tax and Legal Playbook by Mark J. Kohler
One of the most critical aspects of running a successful business is planning for the future. This includes not only setting goals and objectives for growth but also establishing a plan for succession. Whether you intend to pass your business on to family members, sell it to a third party, or simply retire and close the doors, having a clear succession plan in place is essential for ensuring the continued success of your business. Developing a succession plan involves identifying key stakeholders within your organization who have the potential to take over leadership roles in the future. This may include family members, key employees, or even external candidates who have the skills and experience necessary to run the business effectively. By identifying and grooming these individuals early on, you can ensure a smooth transition when the time comes for you to step down. In addition to identifying potenti...
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