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Seven Dimensions Of Succession Planning

When leaders of family businesses think about succession planning, typically they are thinking of who will replace the President or CEO. Some go further to think about who will own the business when the current owners are gone. But transitions from one generation to another require succession in seven areas, not just those two.

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Many business owners are so entrenched running their business day to day - they fail to allocate the time and energy to plan for the future.

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Strategic succession planning for business' was never heard of 10 years ago - however business owners now understand that succession is a significant aspect to the success of their business. Steven Covey in Begin with the end in mind - says, "If you want to have a successful enterprise, you clearly define what you're trying to accomplish... the extent to which you begin with the end in mind often determines whether or not you are able to create a successful enterprise."