You can only be the “superhero” in the business for so long. Succession Planning is a purposeful and systematic effort within the business to ensure leadership continuity, retain and develop knowledge, create sustainability, and encourage employee growth and development.
Here are a few thoughts to help with planning:
1. Structure
What will the chain of command look like when a key executive or owner leaves the business? If the owner drives the business do the managers inheriting that role understand the depth of work the owner did? The relationships developed and maintained? How decisions were made?
2. Business Organization
This is the nuts and bolts of how you are going to handle the transition. Everything from transfers of ownership to identifying key management roles needs to be outlined and planned. The most important part of the plan is to ensure key people have enough time to ease into their new roles.
3. Continuity
Succession Planning is about continuing to identify the Stars in the business that will support the business mission and continue to deliver value that the current ownership has spent a lifetime developing. It is important to identify and refine key positions in the business and develop depth in the manager pool as the business grows. Successful succession planning happens when key employees fully embrace their roles and owners or other key managers are able to transition out of the business.
4. Benefits
Succession Planning is more than just protecting your business, it’s creating a legacy. Succession planning has the power to transform how a business manages the future of its talent base at all levels to positively impact bottom line results. Done well, it drives ongoing, proactive dialogue among owners, senior executives and other managers that identifies and tracks individual talent in key positions. The organization can then put key contributors on a growth path where they can be most valuable to the company.
I hope the thoughts help develop your business and provide insight into the benefits of looking forward to planning a way to ensure continuity of the business. Please let me know your thoughts; gerry@polarisgroupmc.com
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