If you want to leave a legacy and have your business continue for future generations, it is key to have a succession plan in place for key employees. You need to identify who those individuals are. Determine what would be required to replace them and then see who currently is on your team, who with the proper training could take on that role.
It is not an easy task and, in some cases, you may not have anyone capable or interested.
You do want to give employees an opportunity though and it is important that they understand what it would take to move into that role. That leads to a skills inventory which is a whole other topic.
If you would like to learn more about this and other HR matters, reach out to a Human Resource Professional.