A business with solid leadership is far more valuable than one without, so the owner should take some steps to develop leaders so the business can run without him. This may involve some strategic hiring several years ahead of the time he has decided to retire.
Succession is tricky. There are many ways in which you can mess it up. With proper planning, it will be successful. Remember:
The best transitions are the ones no one noticesSo getting an early start is critical.