Businesses Encouraged to ‘Focus on the Details’ During Succession Planning

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Businesses Encouraged to ‘Focus on the Details’ During Succession Planning

By Frank L. Brunetti on September 28, 2012

Building an effective succession plan may appear simple initially for business owners. Many companies, especially those that are family-owned, may choose to name a new leader and begin integrating that individual into business operations to familiarize them with the inner workings of a company.

While this strategy may be a smart move, many business owners fail to focus on the small details of succession planning that can cause significant headaches for beneficiaries and heirs, according to Investment News. For example, the article notes that many owners may be too preoccupied with cultivating a new leader that they fail to consider other personnel. The ascendency of a new leader may open up additional positions for long-time veterans that should be addressed.

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