how to create a succession plan

Family Business Succession Planning

Succession planning is a process that every organization needs to be thinking about and working on throughout the lifecycle of the business. However, succession planning in a family-owned business has some unique challenges and considerations. More often than not, more than one family member is working in, invested in, or associated with the business. When your business associates are the same people you celebrate special occasions and holidays with, you need to be even more intentional about not damaging relationships in the process.

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Succession Connection

The moment we hear that business leaders and executives are working on (not just talking about) succession planning and building talent depth charts, we are ecstatic! Because the truth is, many talk about it, but don’t put any action behind the words. Sometime in the future, we’ll hear, “Yeah, we were talking about creating a succession plan for that role. We just never got around to it.”

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How To Create A Succession Plan

Stop and think… do you have someone to replace key employees if they suddenly left? A lot of companies don’t. When we have discussions with our partners, we’re often asked that magical question: How do we create a succession plan?

Finding the right person to fill key roles is one of the greatest challenges of leaders.  Please take note: a replacement plan is not the same as succession planning. It takes time to develop people; giving them experience and strong mentoring.

Succession planning – the act of identifying and developing candidates for key positions within your company – is vitally important responsibility of every manager, leader, and board member. The crazy truth is that leaders know this, and it may even keep them up at night, but very few do much about it. Is it for lack of time? Is it because they have higher priorities? Or is it because they don’t really know how to create a succession plan?

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