By selecting potential successors early, you allow your employees the time needed to acquire the skills and experience they’ll need to perform well in their senior roles. You also put employees on notice that you’re willing to invest in their growth as well as the company’s. This has the added benefit of boosting employee morale.
As a business owner, making time to consider a business succession plan is vital. After all, the purpose of succession planning is to make sure your company always has the right leaders in place should some type of sudden change happen quickly. If you fail to create a systematic and formal succession, your company may not get a second chance.
WHY DO I NEED TO CREATE A SUCCESSION PLAN?
There are many advantages to preparing an effective succession plan, such as:
- Identifying the most qualified and talented future leaders and internal candidates with the values, skills, and desire to take on those critical jobs. After discussing this critical issue with internal candidates, you’ll realize you need to start searching for external candidates.
- Creating structure for the training and development necessary for candidates to acquire the required skills and practices.
- Helping the company plan for the long-term. If you position succession as part of your company’s overall growth plans, you create a path for departing employees to hand off their years of hard-earned knowledge and transition important working relationships before they leave.
- Maintaining brand identity.
DEVELOPING A SUCCESSFUL BUSINESS SUCCESSION PLAN
Setting up a viable, thoughtful, and effective business succession plan takes considerable time and thought, However, the benefits it will provide for your eventual succession and the future of the company are irrefutable.
Contact the experienced team at Hollander & Hollander, P.C. today to set up a no-obligation, free initial consultation and help you get the business succession plan process started.