What is involved in a Succession Plan?

A succession plan is a transition guide for passing your business from those who are in charge, to those who will be. It’s prepared in advance of the management or ownership change, (ideally) with all the details necessary to make the transition as smooth as possible. It should designate the timetable, too, so that everyone will know when, how, and the exact process involved in passing company from one generation to the next.