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100 Words or Less: Succession planning

Aug 1, 2010 12:00 AM

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“Ownership transition is a critical point in the life of any business, so our NAPL Business Advisory Team recommends planning for this at least as carefully as one would for buying a major piece of equipment. This is a boardroom issue that should be driven by the owner. Successor(s) should be identified and then groomed over a period of time to ensure they know the industry and the business, and have developed business ownership skills. Choose with care, map out a plan and follow your plan. Your company won't do this very often, so get outside help if it's needed.” — Janet Treer, senior consultant, NAPL (