Right now-today-do you have a likely successor among your employees? Someone who could step in and run the business in your absence? Should you choose to retire while maintaining ownership, you're going to need a sharp, loyal successor to keep your business running profitably. And should you decide to sell the business to an employee, that person is going to need to be capable in order to be able to pay you. There are many smart reasons to start grooming a successor now, even if retirement is decades away. Your best candidate may not necessary be your highest-ranking employee. Your successor should display the leadership, vision, and communication skills we've been talking about throughout this book, or at least have the potential to develop them. That's a tall order. So if you'd like a successor, you need to find one and start a comprehensive grooming process-one that includes providing training, feedback, and opportunities for growth. And of course, before you invest too much energy in grooming a candidate, you're going to have to make sure that person is potentially interested in the position. If you don't have an employee who fits the bill, keep this in mind as you make future hires. Knowing your exit strategy will help you make the better hire to help you accomplish your long-term goals (i.e., choosing an "intrepreneur" vs. an entrepreneur, as we discussed earlier).