Outgoing owners must agree with their successors on a well-defined transition plan and timeline for their departure as part of the transition plan.

Succession transitions are not jut about handing the keys over to a successor. Outgoing owners have a role to play in preparing the incoming successor for success in the role by providing the following four things...

In a succession transition, performance management conversations are key to ensuring that the successor has the support and guidance needed to effectively lead the business. Follow these 3 tips.

Most family business preparation focuses on succession planning for the future. However, focus should be given to securing the current operations of the business via a continuity plan. It is more likely that a business runs into trouble because the owner becomes incapacitated before the business reaches the point of a natural succession transition.