Six Key Steps for Developing a Successful Succession Plan for Your Business

1. Six Key Steps for Developing a Successful Succession Plan for Your Business waterfieldadvisors.com

2. Start Early Succession planning should be done well in advance of any anticipated transition. Starting early provides ample time to identify and develop future leaders and create a seamless transition plan. waterfieldadvisors.com

3. Identify Key Roles Identify the key roles in your business and determine who will take over each role during the transition period and ensure that they are fully trained and prepared for their new responsibilities. This will help to minimize disruptions and ensure a seamless handover of duties through succession planning. waterfieldadvisors.com

4. Develop a Talent Pipeline Identifying and developing a funnel of potential successors for key roles in the company is an important funnel of the succession planning process. This will help to ensure that there are skilled and qualified individuals ready to take on leadership positions when the time comes. waterfieldadvisors.com

5. Create a Comprehensive Plan A comprehensive process of succession planning should include all the necessary details such as timelines, responsibilities, and contingency plans. Having a clear plan in place will help ensure that the succession process is carried out seamlessly, with minimal disruptions to the business or family affairs. waterfieldadvisors.com

6. Communicate with Stakeholders It is important to communicate with stakeholders, including employees, customers, and suppliers, about the upcoming transition. This helps to ensure a smooth transition and maintain the continuity of operations. waterfieldadvisors.com

7. Evaluate and Adjust Evaluate the process of succession planning regularly and make adjustments as needed. Business environments and circumstances can change, and it is important to ensure that the plan remains relevant and effective. waterfieldadvisors.com

8. Thank You… waterfieldadvisors.com