Avoid These Business Succession Planning Mistakes

It’s not uncommon for CEOs and business owners to put off succession planning for a later time. After all, they’re busy with putting out fires or crafting a strategic plan for the next five years. In such cases, thinking about succession options takes a back seat to more immediate concerns, with the notion that a decision can be made later, in a more predictable manner.

Except for when it can't. Think incapacitating illness, sudden death, business-related scandal, changes in owner's personal life...you get the picture.

Don’t wait until the last minute to start put a succession plan in place. Here are critical mistakes to avoid:

See these tips and others from The Alternative Board blog.

Did you know?



Canadians wanted to rename their Northwest Territories "Bob"

The remains of the inventor of the Pringles potato chips can are in a Pringles can

Shakespeare's parents and children were likely illiterate

The Titanic almost experienced a collision days before it sank (almost hit the SS City of New York)

There's an active volcano in Colorado (last lava flow was 4200 years ago but 1 eruption in 10,000 years qualifies as "active")



source - bestlifeonline.com