Overview:

Daniel Mitchell, a successful entrepreneur, was the founder and owner of a thriving software development company called Tech Innovations Pty Ltd. He was instrumental in building the company from the ground up and had a dedicated team of employees. Unfortunately, Daniel passed away unexpectedly, leaving behind a valuable business and a team that relied on his leadership.Upon Daniel's sudden death, his family, employees, and business partners faced significant challenges in ensuring the continuity of the company and honouring Daniel's legacy.Fortunately, Daniel had been proactive in planning for the unexpected. He had implemented a well-thought-out business succession plan that detailed the steps to be taken in the event of his death.

Question:

discuss some of the key aspects you as an adviser would consider for Daniel's business succession plan and include in your discussion the fact that he was considered a key person in the business.