An in-depth, strategic succession plan is crucial to a company’s long-term success. However, many businesses wait too long to develop a clear plan. To help you begin this process, here are 10 basic tips to developing a successful plan for your company’s future.

#1 Start Early
It’s never too early to start planning for the future. Succession planning is time-consuming and occasionally creates discomfort among co-workers or family members, but it is tremendously important to be prepared for unexpected events.  

#2 Develop & Write Down Clear Goals
Establishing a clear set of business goals as well as strategies for accomplishing them goes a long way toward ensuring a successful transition. If a family business is being passed down, then make sure to separately consider the goals of the family, the business, and senior management.

#3 Identify the Best Person (or People) to Take Over
Even if they’re not close to being ready to retire or step aside, leaders should always be thinking about their potential successors. Whether you’re planning for the CEO of a public company or the owner of a private business, you need to find somebody who has the talent – and the desire – to take over the company when he or she steps aside.