What is a Succession Plan?
Turning over your business. Who, when and how.
Succession plans are a strategy for passing on leadership roles. It will proactively identify and develop future leaders for the organization and builds in redundancy for key roles that cannot be left vacant.
A succession plan helps the organization realize a seamless transition of leadership and eliminates the possibility that key roles will be open that another employee is not prepared for. This stabilizes the business continuity and provides a sense of comfort to both employees and other interested parties, such as banks and surety companies.
Benefits of a Succession Plan
Being prepared. No key role gaps.
Applying a Succession Plan
Defining and executing
Define the key roles and the skill sets required to be successful in the role. Identify candidates and create development plans to ensure a seamless transition.
With family business, or small companies, you also need to address the emotional attachment of letting go and what to do with time and life after transition. Not only do you need to transition in the new party, you also need to transition out the old party.
The client was developing a succession plan and they’d work down a path for six months and then realize the path wasn’t going to accomplish achieving the goals for all parties. They did this several times for a few years before determining it wasn’t working.
With help, they were able to pinpoint and understand the areas and issues that kept stalling them. Building cohesive and collaborative solutions to the concerns allowed the organization to move forward and transition the organization to the next generation with all parties engaged and working towards a common goal.