wallace has decided that he wants to move on from his entrepreneurial business and take his financial profits from his hard work. this is an example of ________.
LectureNotes said Wallace has decided that he wants to move on from his entrepreneurial business and take his financial profits from his hard work. This is an example of ________.
Answer: This situation is an example of succession planning. Succession planning involves preparing for the future and transitioning out of a current role or business in a strategic manner. In this case, Wallace’s decision to move on from his entrepreneurial business and reap the financial rewards indicates that he has likely planned for the future and is orchestrating a well-thought-out exit strategy. Succession planning is crucial for ensuring the continuity and success of a business or venture beyond the current leadership. It involves considerations such as leadership development, talent management, and ensuring a smooth transition of ownership or responsibilities.