As the successor/buyer, you can envisage three big scenarios:
- Given that you have an entrepreneurial spirit, you may want to take over an SME.
- You may be interested in taking over the family business.
- If you are an employee or a manager at a business, you may be interested in buying that business.
No matter which scenario applies to you, taking over the reins of a business means becoming involved in a succession process whose goal is to secure the future of the business and ensure your success in your new roles. It also a good time to take stock of your knowledge, your competencies, your skills, your social network, and your finances. Doing so will guide you in your choices.