Every business, small or large, should have a transition plan for its key leaders. Whether it is due to individual retirements, talent attrition, or other factors, having discussions and plans for succession and potential transfer of ownership are vital to all businesses. Small businesses play an integral role in the economy—especially in rural communities—so it is all the more important for business owners and leaders to be aware, educated, and ready with a transition plan when the time comes.

Available on Ohio State University Ohioline at https://ohioline.osu.edu/factsheet/cdfs-4119