Let's think about your business. You went through different stages to create and form your business entity. Then you basically looked for the right people to carry out your business concern. And of course you made decisions in order to make your business sustainable and profitable.
The key question
Succession planning is ongoing, just like your continuous planning for business growth and productivity. But what the business succession plan specifically focuses on is, “How does your business continue to run if a key person is no longer there?” That could be a key employee or maybe a partner, or perhaps a component of human resources that is not in place to run your business.
What you should do
So the business succession plan basically makes you sit down and look at the key people that are necessary to run the business. Then, you would create an ongoing plan to replace those people if anything should happen.
Let's say, someone was going to retire or get another job. You would implement a plan so that you would continuously have a backup in order to make sure that your business continues.