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Surprisingly, succession planning isn’t just about the future. In fact, most business owners find that creating a succession plan improves their current operations and opportunities in startling ways.Preparing successors for leadership is one of the most important aspects of a succession plan.
Every company is different and every owner is different.
The myriad of personal, tax, corporate and legal issues cause the majority of business owners to start the process and set it aside.
Here’s why it’s important to see the process through to the end.
Your business and estate planning attorney at Carlile Patchen & Murphy LLP would like to review these issues with you.
Using words like "process” and "step” implies a prescribed order for your investigations.
In fact, any of a number of situations can bring you to succession planning, so you can enter the process at any "step” along the way.
These steps might be better seen as points on a circle, each one connected to all of the others.
However, there is logic to the order of these seven steps.
Instead, define essential roles and analyse your current talent crop.
Your goal is to prepare them well for their future responsibilities.