The successor to the business owner needs to have both technical ability-knowledge of the business and financial ability-and understanding of the financial aspects of the business for the transition to succeed.

Question

Quizplus · Accepted Answer

The statement is true. Succession planning includes the selection and preparation of a candidate who has the necessary business knowledge and financial acumen to ensure a successful transition. Technical ability and financial understanding are critical for the new owner to effectively run the business and make informed decisions.

The Successor to the Business Owner Needs to Have Both