If you've started your planning early, the transition period between the development of your plan and the actual time of succession may be several years.

It is important to monitor and review your plan during this implementation period to ensure that you are on track in terms of timing and deliverables.

Your business succession plan is something that should be reviewed on a regular basis – at least annually – and whenever there is a major event such as a birth, marriage, illness or death, family member entering the business or even a relevant change in tax legislation.