A few effective quotes from Planning for Ownership Succession, prepared by the Ohio Employee Ownership Center on the Kent State University website.

"Succession planning can be the crowning achievement of a productive career, or the Achilles heel undermining a lifetime of hard work. Succession Planning...requires excellent communication, a deliberate process, and openness to objective advice."

"The earlier a business owner begins planning, the more likely it is that the business will continue... the great the value of the business, the more likely it is that the owner will get what he or she wants in retirement."

The Succession Planning Program area of the Kent State site includes good definitions, information, and tools.