What is Succession Planning? ” Succession planning at its heart is simply preparing for the future so that your organization doesn’t experience any hiccups when important team members leave the company. No one stays in the same job forever. Whether an employee leaves due to retirement, another opportunity or an unexpected illness, it’s important to be prepared to fill those positions rather than scrambling when the inevitable happens. ”
Ashley Brooks, Rasmussen University
Small Business Succession Planning
As a small business owner, when was the last time you didn’t worry about your business? Have you taken a carefree vacation lately, or been away from the office without the urge to ‘call and check in’? I didn’t think so. This is where a small business succession planning can help relieve you of one less worry.
The good news is that you are not alone.
In fact, if you’re able to step away from your business for a short or extended time, without concern, you would be in a very small minority. The truth is, very few small business owners have given much thought to succession planning; and even fewer yet have actually put together a plan.
Succession planning can simply be the root activity of determining who will be succeeding you as the leader of your company.
- Who steps in and functions, seamlessly, when you’re gone?
- Has that person been trained to be competent and comfortable with the authority and decision making?
Small business succession planning is vital to sustain the success of an organization. It is important in the tragic event that an illness, or worse, takes the owner/operator out of the business. Or, in more positive scenario, when the owner wants to ‘pass the torch’ to a well-trained and capable subordinate.