Succession planning is a process for identifying and developing new leaders who can replace previous leaders when they leave or retire. Succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they
Most business owners do not consider their succession plan until it is too late and can be stuck working longer than they had intended, failing to sell or pass on their business, or watching the business close its doors all-together.
Proper planning, discussions with partners, stakeholders, employees, and family members can help to avoid getting stuck when you're ready to move on. Preemptively making decisions about the future of your business will keep your business moving forward through the inevitable changes that will occur. With this in mind, no succession plan should be static and should be reviewed and updated with time as plans and circumstances change. Once the process has begun, it should be reviewed annually to assure that goals and benchmarks are being met and you are on track.