Seventy percent of all businesses fail to survive past the first generation of business owners. One reason for the failures is the lack of succession plan. Our guest today says not only should family and closely held businesses have succession plans, but creating one greatly increases the odds of a successful leadership handoff and a bright future for the business. Brad Franc is the author of "The Succession Solution: The Strategic Guide to Business Transition." He's an attorney, entrepreneur, and business strategist who has helped countless businesses make positive leadership transitions. He joins us today to talk about succession planning and the system he created that guides businesses through this important step.

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