The successful exit

Every business owner will one day face the daunting task of picking a successor for his or her company. And this choice can mean the difference between a business' success or failure.

To avoid leaving your company without clear leadership, now is a good time to identify and select your company's next generation of leaders. However, consider some important factors as you do so.

Set exit objectives

To begin establishing a succession plan, you first should consider the three W's: when, what and who.