In succession planning, family businesses should identify the leadership successor well ahead of time and prepare the leadership successor through training and experience to assume the new role when needed.

Question

Quizplus · Accepted Answer

This statement is true. Succession planning involves identifying and preparing a successor early on to ensure a smooth transition of leadership in the future. Family businesses should invest time and resources in developing the skills and experience of potential successors to ensure that they are capable and ready to take on the new role when needed.

In Succession Planning, Family Businesses Should Identify the Leadership Successor