What is business succession planning?

Business succession planning is the process of identifying and preparing successors to take over key positions within a business, ensuring its continued success and smooth transition of leadership or ownership. This is crucial for both small and large businesses in Canada to maintain operations, retain valuable knowledge, and secure the future of the business. It involves training potential successors, establishing a timeline for transition, and legal and financial planning to address inheritance, tax implications, and ownership transfer, ensuring the business thrives beyond the current leadership.