Why Succession Planning is Important For Your Retail Business

Two cheerful small business owners smiling and looking at camera while standing at entrance door. Happy mature man and mid woman at entrance of newly opened restaurant with open sign board. Smiling couple welcoming customers to small business shop.

In my family, only my great-grandfather had the experience of starting a store from the ground up. 

While none of the first two generations are alive to talk about it with me, I believe my great-grandfather was like most business owners. When he first opened, the thought of retiring or selling the business was not on his mind. We jokingly say that my great-grandfather had the best retirement plan: he had five children. Surely one of them would want to succeed him in the family store.

This story originally ran in Beverage Dynamics. View the full article here.