What is business succession planning?
Minneapolis attorney Sally Grossman defines business succession planning.
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Business succession planning is the process of working with a business owner and helping them decide what happens to the business on their departure. Whether it’s retirement or death, and then taking the steps to implement those decisions, and it sounds pretty easy, but it can obviously get a little bit complicated. It takes making a lot of tough decisions. And then a business succession plan is the blueprint or the timetable that comes out of that process.