Business Succession Planning

Business Succession Planning is a process for identifying and developing internal people with the potential to fill the key business leadership positions in a company. 

It is a process of explicitly defining exit related objectives for the owners of a business, followed by the design of a comprehensive strategy and road map that take into account all personal, business, financial, legal and taxation aspect  of achieving these objectives not limited to the context of planning the leadership succession and continuity of a business. It may also include maximizing proceed, minimizing risk, selecting an investor that will ensure the business proper as well as take into account the contingencies such as illness or death.