If you have a fabulous succession plan, one that ticks all the boxes for your lawyer and account, but the people you are hoping will run the place in the next generation aren't up to the task, you have wasted your money. Not only that but you have created something that is guaranteed to fail, not only fail to achieve the financial security you seek, it also causes the unprepared successors to fail at running the business and fail as people. Unless you have people in place who have the talent, the motivation, and the commitment right now, well today would not be too soon preparing them for the challenge they'll be facing.
http://www.waynemessick.com/succession-planning/best-practice-succession-planning-develop-internal-talent-pools
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