Keys to Effective Succession Planning
The key goal of effective succession planning is to continue the legacies of successful businesses: privately owned, family owned, big or small.
Business owners, visionaries of these businesses, spend their maximum time on investing on the growth, expansion of their businesses. They strive to gain their market share, retain and motivate employees, deal with competitions. But effective time is not given to succession planning. Neither they invest time in the same nor do they hire professionals to process it.
Why succession planning suffers in organisation is for the following reasons:
Why an effective succession plan is beneficial?
Succession Plan Components
The Succession Planning Process
Who to Involve in the Succession Planning Process
Trusted relationships of business owners with financial advisors, bankers, legal counsels, accountants & colleagues should be utilised to govern the succession plan. Key process involves the Board of Directors who create, exercise & implement the succession plan. People with different perceptions are needed to result into a comprehensive succession plan.
A methodology should be followed defining the vision, mission, goals, objectives of the process. A detailed monitoring & evaluation with defined timelines should be exercised.
Succession Planning and Incentives
Evaluation and Documentation
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