Types of Business Succession Planning!

1. Types of Business Succession Planning! waterfieldadvisors.com

2. What is Succession Planning? The process of identifying and grooming potential leaders within an organisationis called succession planning. A business succession planning model is a process or framework that organizations use to identify, develop, and prepare potential candidates for key leadership roles within the company. The goal of succession planning is to ensure that the organisationhas a pipeline of qualified and capable individuals ready to take on leadership roles as they become available, thus minimizing disruption and maintaining the continuity of operations. waterfieldadvisors.com

3. The Replacement Chart Model: The Replacement Chart Model of succession planning is a relatively simple and straightforward approach to identifying and developing future leaders within an organization. It involves creating a chart that lists all key positions within the organization and identifying potential candidates to fill those positions. The chart typically includes columns for the position, the current incumbent, potential successors, and any development or training plans that may be needed for the successors to be ready for the role. This model typically focuses on identifying and grooming internal candidates to fill key roles, rather than relying solely on external hires. waterfieldadvisors.com

4. The Rotational Model: The Rotational Model of succession planning is a method for identifying and developing potential leaders within an organization. It involves rotating employees through different roles and assignments, in order to give them exposure to different areas of the organization and help them develop a wide range of skills. This approach can be used to identify high-potential employees and prepare them for leadership roles. The rotational model of succession planning provides a structure to the company on how to train and groom the potential leaders and make sure that when any leader leaves the organization, there is already a ready replacement for the person. waterfieldadvisors.com

5. The Mentoring Model: The Mentoring Model of family business succession planning is a method for identifying and developing potential leaders within an organization. It involves pairing experienced employees, known as mentors, with less experienced employees, known as mentees, to provide guidance, advice, and support as they progress through their careers. It is considered a more personal, relational and less formal approach when compared to the rotational model of succession planning. Overall, the mentoring model provides a more personal and informal approach to developing future leaders and can be especially effective for organizations that value experience and expertise, and want to nurture a specific leadership culture within their workforce. waterfieldadvisors.com

6. The Developmental Model: The Developmental Model of succession planning is a comprehensive approach to identifying, developing, and preparing potential leaders within an organization. It combines elements of both the rotational and mentoring models and focuses on developing the skills and capabilities of employees over an extended period of time, to prepare them for leadership roles in the future. Under the Developmental Model, an organization will identify high-potential employees early on and provide them with a range of development opportunities such as job rotations, training, coaching, mentoring, and other activities that will build the skills and experiences they need to succeed as leaders. It also ensures a consistent pipeline of well-prepared leaders for the future, leading to a more sustainable and successful organization. waterfieldadvisors.com

7. The Bench Model: The Bench Model is a type of business succession planning, a method of identifying and developing potential leaders within an organization by creating a "bench" of ready, qualified candidates to fill key roles as they become available. The idea behind the bench model is that by identifying high-potential employees and preparing them for leadership roles, the organization will be able to quickly and smoothly fill vacancies as they arise. The Bench model approach is suitable for organizations that need to be able to respond quickly to changes in the business environment or to unexpected leadership vacancies. waterfieldadvisors.com

8. The Success Profile Model: The Success Profile Model in succession planning is a method of identifying and developing potential leaders within an organization by creating a detailed "success profile" that outlines the specific skills, experiences, and attributes needed for success in a particular leadership role. The success profile is used to identify and assess potential candidates for the role, and to guide the development of those candidates in order to prepare them for future leadership positions. This family business succession planning model approach is particularly suitable for organizations that want to ensure that the leadership team aligns with the strategic objectives of the organization and has the necessary skills to execute the strategy. waterfieldadvisors.com

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