For many small business owners, the company represents years of hard work, personal investment, and community connection. Yet, one critical factor that often gets overlooked is what happens when the owner steps away — whether through retirement, illness, or unexpected circumstances. That’s where a succession plan becomes essential.

A succession plan outlines how leadership and ownership will transition when the current owner can no longer manage the business. It ensures continuity, protects employees, and preserves the company’s value. Without a clear plan, even a thriving business can face confusion, financial loss, or closure during a transition.

Developing a succession plan involves identifying potential successors — whether family members, key employees, or external buyers — and preparing them for leadership. It also includes financial planning, legal documentation, and timelines to guide the process.

By starting early and revisiting the plan regularly, small business owners can secure their legacy and give their business the best chance to thrive for generations to come.

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