Develop a succession plan or exit strategy for a business

In developing my business succession plan the first process is developing the type of succession plan desired for my business. The business under consideration in this plan is a manufacturing firm hence a proactive business plan is good. After the choice, I can create a succession team to ensure a smooth succession process for BTD manufacturers. Through the team, we can identify the key factors likely to influence the succession process and consider how they can shape the business. After considering all the initial first three steps, I can then reshape BTD manufacturers and ensure the plan is set to action. Some essential aspects of the succession plan would be the identification and evaluation of employees to ensure they are well conversant with the business performance metrics and are right for the business. In succeeding the business, leadership assessment would be an essential activity to ensure proper leadership in the company, this assessment assists in realizing management profile and performance levels (Mahomed and Mtembu, 2021). All assessment elements are fundamental in determining BTD long-term performance.