Ali, a small business owner, is concerned about passing the business to his heirs after his retirement or death. He should prepare a formal ___ plan.

A) retirement contingency
B) business
C) succession
D) liquidation
E) franchising

Succession Plan

A strategy for identifying and developing new leaders who can replace old leaders when they leave, retire, or die, to ensure organizational continuity.

Retirement Contingency

A plan or preparation for potential variables or unforeseen events that may affect one's retirement.

Heirs

Heirs are individuals legally entitled to receive a portion or all of an estate upon the death of the estate's owner.