Many small business owners are so busy with the day to day operation of their business that not much thought is given to planning for the future of their business. However, it is inevitable that key employees will need to be replaced from time to time. It is also inevitable that you, the owner, will leave the business at some point. In either case, having a plan in place will save you money and headaches and will provide a better return on your investment.
For key employees, it is important to identify individuals capable of filling those positions in your business and put a process in place to ensure they are trained and ready to step in when needed. By planning for the time when you leave the business, either to retire or to pursue other interests, you will give yourself the opportunity to do that with the least amount of stress and the best return for your investment in the business over the years.
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