Succession planning is a vital consideration in business. When done well, it ensures the long term future of the operation with the right people taking over in the right areas at an agreed time while also ensuring things don’t get needlessly complicated in the event of an unplanned tragedy.

Conversations must be had with key people early and you need to build a solid advisory team around you so you can start taking steps to plan your eventual exit and create a smooth transition into retirement or other pursuits.  Simple concepts such as life insurance for key people can reduce the worry and financial hardship from such situations.