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There is no right or wrong in succession planning; there's just planning. "The most important thing about a plan is it's written down," says the author. "It's communicated. The detail is not important." In fact, the detail will change, so business owners should revisit and revise their succession plans often, communicating with their family at every step along the way to make choices regarding financial transactions, business structures, succession strategy, management continuity, successor identification and training, family dynamics and family governance.
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