Let' Talk Business Season 6

September 16th 2024 -“Business Continuity: Succession Planning

Background:

Dr. Henderson Carter, a senior lecturer at the University of West Indies stated in 2023 that many businesses in Barbados fail mainly because of a lack of succession planning. Every entrepreneur at the midway point of his business must think of continuity, where do you see the business going after you retire or pass on.

Many entrepreneurs do not plan for their business’ future beyond them. However, Barbadians have been urged in recent years to become entrepreneurs and with many of these ventures becoming successful businesses, Business Continuity, specifically Succession Planning should be at the forefront of all newly successful and aging business owner’s minds.