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Succession planning - Wikipedia, the free encyclopedia

Succession planning is a process for identifying and developing internal people with the potential to fill key business leadership positions in the company.

Succession Planning - Definition and Development

How important is succession planning? Succession planning is how your organization ensures that employees are recruited and developed to fill key roles .

Succession Planning | HR Planning | HR Toolkit |

Introduction. Succession planning is not an issue that many organizations address in any systematic way. Because many nonprofits are small (with fewer than ...

Succession Planning - Office of Personnel Management

Workforce & Succession Planning Succession Planning ... and tools for recruitment and create a recruitment plan and hold communication/training meetings ...

Succession Planning: How Everyone Does It Wrong - Forbes

Jul 30, 2009 ... Of course, having a succession plan is easy, and few companies in the era of the Sarbanes-Oxley Act of 2002, with its detailing of board ...

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Succession Planning Roadmap - Workforce Management

Mar 11, 2013 ... How to build a robust succession planning program that aligns current talent development with future leadership needs.

What is succession planning? definition and meaning

Definition of succession planning: Identification and development of potential successors for key positions in an organization, through a systematic evaluation ...

4 Tips for Efficient Succession Planning - Harvard Business Review

May 12, 2009 ... One of the most common leadership development questions that I hear from executives is, “Why does succession planning feel like such a ...

Succession Planning with Your Board

Succession planning is a means for an organization to ensure its continued effective performance through leadership continuity. For an organization to plan for ...

Succession Plan Definition | Small Business Encyclopedia ...

Succession Plan definition from Entrepreneur's small business encyclopedia.

Succession Planning Software| PeopleFluent

Succession planning software from Peoplefluent allows you to systematically build and maintain talent pools and succession slates across your workforce.

How to Do Succession Planning - Free Management Library

Learn about succession planning in this topic from the Free Management Library.

Succession Planning

No entrepreneur wants to feel mortal. That's why so few businesses have a succession plan in place before the leader leaves. The effect is very costly though. According to the Small Business Administration (SBA), only 30% of family owned businesses succeed into the next generation. A good succession plan:

  1. Serves as a blueprint for hiring or training successors.
  2. Reassures the marketplace that the company will continue to function.
  3. Defines the future of the company.
  4. Can reduce real estate taxes when transferring a family business.
  5. Provides a flow of well-trained managers armed with definable goals.

Evaluate your responsibilities

Create a job description by listing all your responsibilities. Experts advise that you make a list of requests that suppliers, clients and employees ask of you. Then break it down further by listing the skills, attitudes and knowledge that you use to meet these demands. This is your blueprint that you can use to evaluate staff members. Also, list the number of additional staff positions that would need to be filled in your absence.

Make the plan

The first step is facing the ego-busting reality that, one day, you'll be replaced. Be committed to creating a transition plan so that you can communicate your needs to others. Discuss these ideas with a mate and company management clearly and often.

Choose potential successors

Consider more than one successor, especially ones who can be easily promoted within six months time. And then spend time developing them: allotting more decision power and letting go of more control of the company. Fold these responsibilities into twice-yearly job reviews that include sharpening successor skills or transferring information.

Lay the financial and legal groundwork

Consider early on the terms and funding for a buyout.
transferring ownership.
  • Consider forging a succession plan as soon as you've moved beyond start-up stage.
  • Considering setting up an advisory board to help ensure a smooth transition from one leader to the next.
  • Create a simple transition plan that doesn't feel confusing to executives.
  • Use good advisors such as accountants and lawyers along the way.
  • Trim anything in your business that doesn't relate to your succession plan.
  • Think of succession planning as a seamless process, not a single event.