Finally, your succession plan should include a process for regular review of scheduled activities to ensure that things are on track. It is also important to communicate your plan with key stakeholders and keep them informed of progress and any changes along the way.
Be sure to update and adjust your plan as necessary if and when there are changes to your business and/or personal situation.
At a Glance
Monitoring your business plan as your life changes will help ensure a successful transition when you exit your business.
Even the best laid plans do not always foresee every eventuality or prevent disagreements between key stakeholders from occurring. Your plan should include methods for resolving disputes between shareholders, family members and other relevant stakeholders if and when they arise.