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Creating a business succession plan is critically important.

For many small business owners, the thought of transitioning out of their business may be years away, if ever. In fact, in a recent Wells Fargo survey, more than half of small business owners said that if money were no object, they would continue working full or part-time in their current business. But even if your plans to retire or transition your business are distant, planning for your company's future now will help ensure long-term success.

Creating a business succession plan is critically important and should be part of the overall business planning process. 

Authors: Lisa Stevens

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