From the course: The 45-Minute Business Plan

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Management succession plan

Management succession plan

From the course: The 45-Minute Business Plan

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Management succession plan

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- Management succession plan. Another thing to keep in mind for any investor is how to address the events of key position changes within the management team. What happens if a key manager leaves the business or is unable to perform the duties to safely operate the business? You'll want to write a brief summary of how to handle this and what safety nets will be in place. For example, ABC LLC will ensure a trained and skilled replacement is in place should the owner or key personnel be rendered unable to perform their duties. ABC LLC has also taken out life insurance policies on critical personnel to offset any risk in the event that such a transition should occur.

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