Succession planning is a broad term. It includes succession within an executive position as a planned process, emergency planning for the death or disability of an executive, and transition of ownership (primarily in owner-managed businesses).
There are two types of ownership transition plans, the contingency plan (providing for the contingency of an owner's death or disability) and the transition plan (addressing transition of the business to its successors). In an owner-managed business, a successfully managed ownership transition can be the means by which the owner receives full value for the business interest, a goal I enjoy helping to bring to reality. A prerequisite of this goal is the development of the business so that the owner’s participation is not essential to the success of the business.
The area is best understood through a variety of perspectives, each technical and highly focused. There are good resources in the areas of human relations, process management, and law (estate planning and tax).
