There always comes a time where you need to hand over your business to someone else. In many cases, business owners want their children to take over, which is an acceptable exit strategy, but that son or daughter may not have the same expertise as an outside person that you could have sold the business to.
Part of the succession planning process then, isn’t just to choose a new owner, it’s to also make sure that the family member you have picked knows enough to take the business into the future. Here’s how you can make sure they get up to speed.
