To be recognized as truly successful, every business must succeed through four distinct phases. If it manages to make it through the start up phase, the growth phase and the often deadly malaise phase but does not make it through the succession phase, then the business and everybody associated with it is considered a failure. Failure to the employees, failure to the owners, failure to the community. In fact failure to history - your legacy will be one of failure no matter how successful you thought you were along the way.
http://www.waynemessick.com/what-is-succession-planning
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