What is it?
Succession is what comes next. It’s what happens to a business when the people running it move on, and how to make that process as smooth as possible.
Who does it affect?
At some point in the life of every business, ownership will change. It could happen for financial reasons, someone wants to sell the business for money. It could happen for personal reasons, someone gets sick, they retire, or they just want a change in lifestyle. There are a number of reasons ownership could change, but it will definitely happen.