Proper succession planning for family-owned tech businesses is crucial to prepare for the future. It keeps their operations move forward even during inevitable changes. This planning serves as an excellent tool for retaining existing talents as well. Organizations overlooking succession planning would struggle to stay abreast of the changing dynamics and could lose several executives. Even the most successful companies need solid preparation for the fut ure. The following is a step-by-step guide that businesses can follow for their succession planning. Proactive It is essential to start when retirements are imminent. Advanced preparations are essential to replace crucial members who are going to leave a company. However, companies might get caught off guard in some cases. To avoid such complications, they should consider the day-to-day impact of replacement positions and consider problems probable after their departure. Successors The departure of core team ...