What Is Business Succession Planning and Why Is It Important?

At one point or another, most owners start to think about business succession planning. With the aim of keeping your company alive, building an active plan preserves continuity, protects your employees, and ensures that you have all your ducks in a row prior to retirement. So, if you’re looking to sell your business, what kind of planning should you do? And, really, why is it important at all?

Here’s why business succession planning matters…

When planning to exit your business, there are a number of important advantages that planning provides. Whether you’re hoping to pass your company down to the next generation, liquidate it to the highest bidder, or work with a professional business broker, taking a handful of steps to get things in order will absolutely pay off.

  • Preserve employee loyalty and satisfaction. Having a plan in place makes it more likely that your employees’ jobs are safe and, more importantly, that there are opportunities for advancement.
  • Transfer essential knowledge to key personnel. By ensuring all employees and management are prepared for their new roles, you make it much easier for the business to transition to new ownership.
  • Maintain customers by fostering loyalty. When your business changes hands, it will be important for old customers to trust new management. A firm plan can help you build loyalty, transfer trust, and retain your business’ customer base.

Are you building a succession plan or ready to sell your business?

As you get ready to sell your business, the team at Advanced Business Brokers can help. With years of experience and a wide reach, we can locate qualified buyers, assist with negotiations, and maximize the price that you get when selling your company.

So, whether you’re in the early stages of your succession planning or you’re ready to move, reach out to us today to discuss how we can help.

Work With An Experienced Business Broker

If you’re thinking about selling your business and don’t know where to start, consider speaking with our team here at Advanced Business Brokers. We specialize in brokering and advising exit plan strategies for various sizes/sectors of businesses.

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Dr. Mark Hagar

A lifelong resident of Fort Wayne, Indiana, Dr. Mark Hagar brings decades of hands-on experience in small business ownership, acquisitions, and turnarounds to his role as a business broker. Over his distinguished career, he has acquired and operated more than 20 companies and engineered over 50 successful turnarounds, giving him a uniquely practical understanding of what makes businesses succeed, and sell. His portfolio spans manufacturing, distribution, and service firms in industries including printing, education, military contracting, aerospace, and orthopedics. This diverse background enables him to identify value, anticipate buyer needs, and structure complex deals with confidence and precision.


Mark holds a Doctorate in Business Administration (DBA) from Cranfield University’s School of Management in Bedford, England—one of Europe’s leading business schools. His research on small business resilience and operational excellence has been recognized by the Small Business Institute (SBI), the United States Association for Small Business and Entrepreneurship (USASBE), and the International Council for Small Business (ICSB).


In addition to his business career, Dr. Hagar has served as a member of faculty at several institutions of higher education, including Holy Cross College (Notre Dame), Trine University, and the University of Saint Francis. He also hosted Your Business Matters, a small business–focused radio show and podcast for more than a decade and is the author of Small Fortunes – the Acquisition Entrepreneur’s Guide to Buying a Profitable Small Business.


A passionate advocate for entrepreneurs, Mark previously chaired the Indiana Leadership Council for the National Federation of Independent Business (NFIB), representing small business owners before state and federal legislators. He currently serves as President of the Allen County, Indiana Economic Development
Commission.


As a broker, Mark specializes in industrial, manufacturing, and distribution firms, with particular expertise in special situations, distressed assets, and complex transitions where experience, creativity and discretion are central to success.