For many people, the notion of an ‘heir apparent’ or ‘successor’ is usually only reserved for history lessons, or the frenzy surrounding a royal birth. But when it comes to business – and family-owned independents in particular – the principle of succession plays a vital part in securing the future sustainability of a company.
Whether you’re heading for retirement, exiting a business for pastures new, or simply handing over the reins to young blood, the process of planning for departure is one that requires careful consideration to ensure the business is structured correctly and the ‘heir apparent’ is well placed to complete a smooth transition.
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