Those of you who are franchisees pay close attention! Have you developed a succession plan for your business? If so, I commend you as many of your peers talk about having a succession plan, but have yet to develop formal documentation that reflects their goals and objectives. Now let me ask you another question. Does your succession plan consider requirements in your franchise agreement such as ownership transfers or successor qualifications? If not, I suggest you shake the dust off of the franchise agreement and find the specific paragraphs that relate to successor nominees, ownership transfers, death, disability etc. Many times the franchise agreement is overlooked or in some cases ignored when franchisees develop their succession plans. This could result in a violation of your franchise agreement possibly resulting in significant consequences such as the derailment of your succession plan!