“Succession planning in a business means planning for the next steps after the current owner is no longer there,” Oksana explains.

When death, divorce, disability, disruption or disagreement among partners occurs, “a company can be passed on [or sold] to one or more family members [or[ sold to a management team for a management buyout. … The company can create an employee stock option program (ESOP) where the employees become the owners. Or, the owner can sell all or a portion of the company to a third party.”

Read the full Nevada Business Magazine article

See also:

Why Is Succession Planning Important?

Succession: Is Keeping the Business in the Family the Best Course?

All in the Family: One Business, Multiple Kids, Parent’s Dilemma