One of the most important issue faced by businesss owners is how to effect an orderly and affordable transfer of the business to the new owners, or next generation or a key employee. But as most business owners know, seldom is enough time available to accomplish day-to-day tasks, much less to plan for something unlikely to happen for years. As a business owner, you should be a forward-thinker. As you knows that at some point time in the future you may come to a point when you need to pass the reigns of the company onto someone else, whether your own family member or your trusted person or an employee.
Succession planning is a systematic approach to build or developing potential successor(s) in ways that best fit their strengths or Identifying the best candidates or concentrating resources development process to ensure the business continuity. Effectively done, succession planning is critical to mission success and creates an effective process for recognizing, developing, and retaining top leadership talent.
Generally, setting up a successful business succession plan involves several stages like Survival Stage, Commitment Stage, Recruitment Stage, Development Stage, Selection Stage, Announcement Stage and Implementation Stage. Not neccessary that you have start the succession plan only at the time of exit, however it can be starts right from the business start-up point or during any business stage.
For the good of your business, your employees, customers, vendors and family -- Please talk to us to help you to plan your succession plan accordingly your needs and objectives.