For private, owner-managed, or family-owned businesses, a solid succession plan can drive the growth of the business and set the stage for retirement.
The operational demands of running a business can be all-consuming, but it’s vital that business leaders take the time needed to assess their organisations business risk and succession planning. It is after all usually their biggest asset.
A viable succession planning process may not only be critical to business continuity but has become an important part of business interruption preparation.
When you engage in succession planning, you’re not just focusing on the future, because it’s impossible to plan for the future without a deep understanding of the present. Leaders have to know the current reality of their businesses — how they operate, where the value lies, what their needs are, who their most vital customers are and why — in order to prepare for new leadership and new structures that can provide continuity in the ways that matter.