Succession planning is the process of identifying and developing internal talent within an organization to fill key leadership positions in the future, ensuring business continuity when current employees retire, leave, or move on to other roles; it involves proactively preparing individuals to take over critical positions by assessing their skills and providing necessary training and development opportunities to fill potential vacancies. The focus is on how to prepare specific people to take over key roles and the responsibility for running the business. The business owner may retain ownership while leaving day-to-day operations or the succession plan may be part of an exit strategy by which the owner divests their ownership position.