“Every exit is an entrance somewhere else.”
— Tom Stoppard, British playwright
It’s hard to build a successful business, so the idea of leaving or handing over the reins is likely to engender a mixture of fear, grief and other conflicting emotions. But nothing lasts forever, so, whether you’re selling your business, passing it on to the next generation or simply retiring, you’ll need to plan for your succession.
As we discovered in Chapter 8, great businesses are generally run by leaders who spend the majority of their time working on their business, as opposed to in their business. By definition, businesses run by these types of leaders can survive, and even thrive, ...