When business is going well, the next logical step is to use that upward momentum for growth and expansion. One way to quickly branch out into a new market all at once is by acquiring another business and all of its resources, but this is not a one-size-fits-all...
Having a succession plan in place is important from a business perspective due to the fact that you simply cannot predict everything that will happen in the future. If you have a good succession plan in place, you can remove the stress of figuring out what to do with...
No matter how it happens, it is inevitable that you will someday let go of your business. Perhaps your interests will change, or maybe you will be unable to continue leading the company for whatever reason. In that situation, it is important to have a successor at...