When should a business owner start planning for who would take over from him or her?

[King Belieal]

Poor succession planning is the reason some businesses don't stay sustainable after the founder is gone. The question now is the main time that a business should start planning for succession.

Is it when the business owner is about to retire or in the early days of the business?

 

[Min George]

I think after the business has stabilized, there should be a succession plan in place. Anything can happen at any time.

 

[Springtime]

Do not wait until you are about to retire. You should start planning succession when the business is stable.

 

[eLdavis]

I think it depends on the business owner, they can start planning for this at anytime. I think it is better they start earlier, this way they can give them the needed training.

 

[Kross]

Starting early to prepare for the succession plan of your business gives you the room to tweak and get the most favorable for the business.

 

[Augusta]

Yeah the starting fir a planning succession when the business is stable and still very functional

 

[Xtynehappy]

I think it would be better when they could plan that even before the start of the business.

 

[Pearl]

A business owner should start planning on where and who will take over his business after he must have been become old and could no longer work.

 

[Augusta]

When once you realise that you might be needing a replacement in the nearest future start planning it out

 

[Miley]

Normally as a business person one supposed to know who will take his or business not when is too late or death occurs.

 

[Kross]

You should know from the get go who you intend to hand over your business to and start grooming the person.

 

[Xtynehappy]

The business owners should really be knowing that before one starts any business activities for that matter.