Ali, a small business owner, is concerned about passing the business to his heirs after his retirement or death. He should prepare a formal _____ plan.

Question

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A succession plan outlines how a business owner will pass on their business to their chosen heirs or successors. It includes identifying potential successors, providing training and development opportunities, and developing a timeline for the transition of ownership. A formal succession plan can help ensure the smooth continuation of the business after the owner's retirement or death.

Ali, a Small Business Owner, Is Concerned About Passing the Business