July 2008

The successful exit | Workplace

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The successful exit

Now is the time to establish a succession plan

by Brian Heckert
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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:...

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