Many of today’s business leaders become so focused on managing their business, they don’t prioritize succession planning and the eventual transition of ownership. Turning the page is never easy or simple, but the best-in-class organizations develop a proactive, strategic plan from day one. Succession planning not only cultivates a pool of talented workers to take over leadership roles as the business evolves, but it ensures the continued success and enduring impact of your vision long after you step away. Read the following articles on how to set up a solid succession plan and exit strategy for the future.
Chances are you’re focused on building your business, not the day you will leave it behind. But failing to plan for your transition out of your business can result in a messy succession process and lost value. The first step in a successful business succession planning process is to look at the available options and decide which one best suits your needs. Here are three common exit strategies for entrepreneurs who want to put up their small business for sale or pass it on.
CEOs and founders tend to be the face of their organizations, especially at small to mid-sized companies, where they may work with the most important clients. Prospects may have been drawn to the company specifically because they heard about the CEO. So, it is entirely reasonable that customers planning their future with you would want to know about any upcoming retirement plans. Here’s an action plan to help you communicate your succession plan with clients, workforce and shareholders.
In many privately owned and operated businesses, it’s tough just to predict what will happen next quarter, let alone years into the future. Smart business leaders know they need to have someone in place who can sub in or replace them in case of emergency or opportunity, but sometimes it doesn’t look like there’s anyone who’s appropriate or ready. Here are some things you can do.
As small business owners approach retirement age, it’s never too soon to outline a succession plan. But retirement is far from the only force pushing proprietors out of ownership. Unexpected life events can happen at any age and a succession plan ensures the right people inherit the business, operations continue to run smoothly, and owners are able to exit under fair circumstances. Read the following actions to consider when developing an exit strategy.
An organization’s top executive is one of the few variables over which boards have total control—and their failure to plan for the departure of a CEO comes at a high cost. Hear from HR leadership experts on the importance of developing a strong succession plan and who needs to be involved.