If you want your business to stay afloat after you're gone, you should engage in succession planning that involves preparing for a wide range of circumstances rather than simply designating who the next leader should be. "It’s incumbent on any businessperson to make sure he or she has an inflow of people and training and mentoring programs," said Robert Gellman of the consulting company CBIZ MHM. "They have to do their best at making sure they’ve got the next generation of people there."

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