Top 3 Succession Planning Myths – #1
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Myth #1: My Successor Will Know What to Do When It's Time
First off, have you actually identified successor(s)? A smooth transition requires clear definition and preparation. Give your successor plenty of time and opportunities to shadow you, and learn your operational style and methods. Your successor may have new ideas and observations about the business you've built, which may be challenging for you. Establish clear and thorough communication, and keep an open mind!