Mentorship and Succession Planning 101

So many people get caught up in the process of setting up and running their business that they might not pay that much attention to the idea of succession planning. When you retire, who’s going to take over your business? Do you have children who might be interested in continuing your legacy? And, if not, do you have a protégé who can keep your business going? Succession planning involves finding someone with a vision who will be able to develop and grow your business rather than just keeping it static - someone who has the flexibility necessary to adapt to the changing needs of the market.

Most successful business owners start their business and, through trial and error, learn what’s needed to make it successful. However, the person who takes over from you doesn’t have to learn things the same way.