Creating a detailed succession plan often ranks low on business leaders’ priority lists. After all, few owners want to think about a day when they won’t run their businesses. And, during a global pandemic and severe economic downturn, manufacturers are simply trying to keep operations going, pushing succession planning even lower on the list.
But business owners have a unique opportunity today to get ahead of the game on succession planning. Establishing a detailed succession plan is essential to not only a company owner’s quality of life during retirement, but also to ensuring the future success of the business.
