Creating a Succession Plan
A succession plan answers the question: "If and when key people leave, how do we seamlessly continue to move forward?”
Start Early - it is never too early to start succession planning. A well-considered plan can take months or even years. The longer you spend, the more prepared you will be.
Identify Potential Successors – take an objective look at existing employees within your organisation to see who may have the right mix of leadership skills or the potential to develop them. Who wants to advance their careers, and who do you think is ready to step into bigger shoes? Many businesses can continue to flourish beyond the tenure of the original owners.
Develop a Training Programme - training new owners cannot be done overnight. It involves coming up with a comprehensive programme that takes into account the skills and traits a successor will need to ensure the business's long-term success.
Set a Timetable - the future has a habit of sneaking up on you fast. Try not to wait for life to happen and instead take charge by determining when control of the company will be transferred to a successor.
Succession planning takes time and a lot of consideration, don't put it off. Before long, you'll have created a plan to future proof your business.
A succession plan answers the question: "If and when key people leave, how do we seamlessly continue to move forward?”
Start Early - it is never too early to start succession planning. A well-considered plan can take months or even years. The longer you spend, the more prepared you will be.
Identify Potential Successors – take an objective look at existing employees within your organisation to see who may have the right mix of leadership skills or the potential to develop them. Who wants to advance their careers, and who do you think is ready to step into bigger shoes? Many businesses can continue to flourish beyond the tenure of the original owners.
Develop a Training Programme - training new owners cannot be done overnight. It involves coming up with a comprehensive programme that takes into account the skills and traits a successor will need to ensure the business's long-term success.
Set a Timetable - the future has a habit of sneaking up on you fast. Try not to wait for life to happen and instead take charge by determining when control of the company will be transferred to a successor.
Succession planning takes time and a lot of consideration, don't put it off. Before long, you'll have created a plan to future proof your business.
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