Succession planning for business owners is critical. When most business owners think of an exit plan, they think of selling the business. This act of selling the business and exiting or leaving the business is also called ownership succession.
In order to ensure this process is done to the level of satisfaction of all parties, the incumbent business owner must make sure the new owners are able to continue the business successfully.
The more the new owners believe they can continue to run the business without the previous owners, the more valuable is the business.