Management succession is an integral part of bolstering your business to facilitate succession.  In my view, the key components of a management succession would include:

1. hiring and keeping the key personnel

2. compensating the key personnel appropriately

3. implementing policies and procedures for the business and

4. documenting these policies and procedures.

Your objective should be that that business could run without you being available 24/7 and if you are not there, then others will have a place (your operations manual) where they could refer as to how to run your business.  In the most successful of succession plans, the new owners, whether your family or third parties, can fairly easily take over the business in your absence.

Just think, you could have more time off and your business could be more profitable, if you are willing to invest the time and effort to put in place a management succession plan.

Learn, think, apply.