Succession planning is not only for retirement; it is designed to prepare a business for leadership changes during growth, acquisitions, health events, or unexpected disruptions. Succession planning is about continuity and preparedness, not just departure.
You should start succession planning as early as possible, ideally years in advance, to allow time to prepare successors, align governance, and structure ownership effectively. Early planning expands options, strengthens leverage, and reduces the risk of rushed decisions. See Succession Planning Process
A succession plan is a comprehensive strategy for leadership and ownership continuity, and every business owner needs one to protect enterprise value, retain key talent, reassure lenders and partners, and ensure the business performs through change. See What Is a Succession Plan?
