The Critical Importance of Succession Planning in Business

Jeremy Vos
August 1, 2025

Succession planning for small business isn’t optional — it’s essential. In her Entrepreneur article, Jessica Fialkovich highlights how even high-revenue companies can collapse due to poor succession planning and leadership transitions.

“If you want to be on the positive side of those numbers, you need to start planning the succession almost as soon as you start or acquire the business.”

Whether you're transferring business ownership to a family member or external buyer, having a business succession strategy avoids common exit planning mistakes. Fialkovich shares how to create a succession plan that supports long-term business continuity and protects your legacy.

Read more:

Entrepreneur – Million-Dollar Businesses Crumble Without a Succession Plan

FREE DOWNLOAD & VIDEO

6 Ways to Sell Your Business for 56% More BEFORE YOU CALL A BROKER

We have a free tutorial and video walk through of what business owners can do to dramatically improve the sale of their business.

We do NOT spam. By clicking, you're confirming that you agree with our Terms and Conditions.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.