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We'll discuss the importance of succession planning in transferring intellectual, financial, and creative capital to the next generation of leaders and stakeholders. This chapter highlights the different meanings of succession planning in various types of practices, from sole proprietorships and partnerships to larger corporate firms. We'll explore the core goal of succession planning, which is to identify future leaders, mentor them, and help them transition into their new roles. Effective succession planning enables proprietors to extend their practice beyond their careers, develop future leaders, obtain a financial return on their investment, and address the risk of sudden departure of key individuals.听