A plan to determine how the leadership of a family owned business will transition is called a(n) ___________ plan.

Question

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A succession plan outlines the process of transitioning leadership within a family owned business to the next generation or individuals who will take over the management of the business. It typically includes strategies for identifying and grooming potential successors, as well as outlining the steps to be taken when the current leadership retires or otherwise steps back from their role.

A Plan to Determine How the Leadership of a Family