All businesses will go through similar phases, typically a start-up venture that morphs and evolves into a “real business” with employees, premises, customers / clients and eventually the business grows into adolescence when it is no longer in survival mode but actually can pay its own way.
The next step in the adventure is when the business can exist without the founders, this is when business succession planning is critical. There are many famous family businesses. E.g. The Oppenheimers and the Ackermans etc. They continue to exist because of smart planning.
We are all mortal and at some juncture you may wish to exit your business or hand over the reins to the next generation or to incentivise key people in the business to take over and run the show to continue your legacy.
It is vital that the necessary structures and plans are in place to address the following crucial issues, namely:
Exit strategy on death, retirement, sale or listing of the business.