Companies need to have a solid succession plan in place to ensure a long-lasting and sustainable future. Gaining confidence in the future of the company requires strategic planning, and also a comprehensive selection of future business leaders…amongst other things. Here are five succession planning secrets to help keep your legacy alive and secure the future success of the business you’ve worked so hard to build:
1. Align your planning with your business goals and values.
Make sure your succession plan is aligned with your business goals and values. This means you trust the successors you’ve named to grow your business along the guidelines of the core values and goals you have set for the organization.
2. Implement your company’s visions with the right strategies.
Figure out your target markets and the services you’ll provide, then involve your potential future successors by having conversations about the future. Help them with their leadership capabilities and establish a collective vision of the future of the company. This vision will direct the company towards its goals now and in the future.
3. Examine your current talent & develop those who show potential.
With succession planning, you will want to select the most appropriate people to become the future leaders of your company. Your organization may already employ talent that could be developed into future leaders. Focus on those of your employees who have deemed themselves worthy of your resources, and mold them into the leaders of the future. Some employees are high performers with high potential, but don’t overlook those who have the competency for change management or higher learning capabilities.
4. Create mentors in your organization.
80% of CEO appointees never have served in an executive role before, which means your talent will need some mentorship assistance. The best mentors will be the existing leaders in your organization. Mentorship offers the added benefit of fostering a positive culture in your organization, smoothing the divide between the different levels of management and your front-line employees. A key aspect of learning comes from mentorship: a good leader can pass on their skills and knowledge through experience and help reduce learning curves and training costs.
5. Establish transparency.
Your current and future employees need to know the team goals, objectives, and any opportunities that await them in the future. It’s important to have an open conversation with employees about their career goals, and use that as part of their performance reviews. Making sure your succession plan considers your team’s goals will help prevent future misunderstandings and misinterpretation of the company’s objectives.
Business succession planning is an important part of estate planning for business owners. Don’t forget to plan for the business you’ve spent your life building. The estate planning attorneys at Deliberato Law Center are highly qualified to support you and your business through succession planning services. Contact us today to learn more about how we can help protect your business from the uncertainties of the future.