Many small to mid-size businesses find themselves dealing with the priority of short term urgencies on a daily basis.  It is easy to put off some of the long term needs and say….we will get to it later. 
One of those needs is the creation of a valuable Succession Plan. 

Here are the steps:

1.  Set long term goals for ownership

2.  Establish a set of managerial competencies

3.  Evaluate the Management team

4.  Debrief the assessment

5.  Seek quality legal, tax advise

6.  Create a robust performance management system

7.  Identify Successors

8.  Handcuff your best people 

You can read more about this in the Vistage Research Center  here 

Hope you find it helpful

     Steve Brody