A well-defined succession plan allows a business to grow and develop in support of an owners' long-term goals. Start planning for your eventual retirement or exit from the business, even if it's 10 or more years away. This could entail an outside sale, a gradual transition to internal next gen, or some other plan that meets your objectives. This type of planning takes time to design and implement, and it should be reviewed annually as part of your strategic planning process.