The COVID-19 outbreak has shown the importance of having a succession plan in place that accounts for unforeseen events. If your business does not already have one in place, there is no better time to do so than now!

Many small businesses are dependent on the owner, which means being capable of retirement or a career transition requires strategic forethought and action built into the structure of an organization. Having a strategy for developing people who can move up when key employees leave is critical to the long term success of a business.