Only 30% of family owned franchises will survive after the owner retires. Furthermore, it is estimated that only 10% of franchisees have succession plans in place. Do you have a plan in place for your children to take the reins once you retire?
What is succession planning? Is it just about retirement? Succession planning is much more than retirement. Transition plans identify specific tasks and timelines that will ensure the smooth transition of business operations and management to the next owner. The prime goal is ensuring order and continuity of the business during all stages of the change. But how does one accomplish such a goal?