Business succession planning: five mistakes to avoid
This article first appeared in French in the September 2022 issue of the Journal des Parcs industriels of the Corporation des parcs industriels du Québec (the Quebec Industrial Parks Corporation).
After years of hard work, it’s time to retire. Several complex questions come to mind. How do you transition? How do you choose the right person to take over? What will happen to your business? As you plan your departure, you want to be sure that your successors are just as committed to the sustainability and success of the company you have spent years building. Succession planning is forward looking, but it is also a difficult process that requires time, thought and preparation. Here are the five most common mistakes business owners make in planning their departure, and ways to avoid them.