Financially Simple

Succession planning and exit planning are terms that are often used interchangeably. However, each one is a vital aspect of business planning that works to achieve different outcomes. So, what is the difference? In this episode, I take a closer look at succession planning vs. exit planning. I also discuss their benefits, why and how business owners should use them, and when to begin planning.   This week on The Financially Simple Podcast:   (1:00) What is Succession Planning? (2:01) The Many Benefits (5:36) When Should You Begin Succession Planning (7:48) Introduction to Exit Planning (9:26) How Exit Planning Benefits Owner and Business (10:41) Facilitating a Sale Without Making an Exit   Our Favorite Quotes: "Unlike reactive hiring practices, the succession planning process is well-planned-out. It is a long-term procedure of building several internal pools of qualified candidates who are able to fill vacancies." - Justin Goodbread "Don't make the mistake of thinking you can wait until you're ready to han