Many small businesses fail to properly plan for the succession of the business. Statistically we know that many businesses fail within 2 years of a poorly planned succession or sale of the business by a founder to poorly positioned buyer. For each of the following scenarios please explain what you would recommend as a viable succession plan. Please explain your answer and key succession factors such as the type of successor which might affect or be involved in each.

A third generation family led manufacturing firm operating since the early 1900s has no further descendants interested in operating the business. What is the best option for succession?

A publicly traded technology company in existence since 1980 but has only had once CEO who is about to retire. What is the best option for succession?