Succession planning involves more than valuations and buy-sell agreements. Given all the blood, sweat, and tears you’ve put into your business, you don’t want to risk passing it to the wrong person—someone who doesn’t care for your clients the same way you do or who doesn’t value the staff who have supported you for years. But is it best to choose an internal or an external successor? There are pros and cons to each option.
Source: Should You Choose an Internal or External Successor?