Succession Planning in the USA often refers to what we call management succession – identifying a strategy to train, upskill and identify talent within an organisation that is worthy of promotion, and identifying what training/skill gaps exist and a program to fill those gaps.
In Australia, we use a much wider definition that includes exit planning, business harvest and transition planning. Succession Planning in Australia is about taking a strategic approach to maximising the value of the business and successfully managing your exit as a business owner.
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