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Why do I need to think about Succession Planning?

Most people in business life are only concerned with building up their business, that is, the ‘ascent’ and give little or no thought to the ‘descent’, that is how and when they will leave. 

Entrepreneurship is a process and we need to think holistically about ‘ascent’ and ‘descent’.  Leaving a business is an emotional experience and hesitation about planning timescales and exit options is normal, but procrastination is dangerous. We have met many business leaders who regretted the final chapter of their entrepreneurial story.

 

What is Succession Planning?

Business succession planning is a broad term which covers the following:

1. Exit strategy starting with timescales - Is this case an owner manager exiting the business  or manager retirement?

2. Identifying those who will survive the departure of the individual - Identifying successors.

3. People and processes involved in taking the business forward - HR Planning,  Recruiting Management Teams, and Change Management.

4. Personal and business objectives - Strategies to achieve both sets of objectives.

5. Business planning - Where will the business  be in future? Your succession plan should be incorporated as part of your business plan.

6. Business protection - IT systems now form a major part of any business and critical data needs protection. “Be wise before the disaster not after”.

At Morgan Potter Consulting Ltd we can help with all of these aspects.  If you are an owner manager of an SME for example and looking to exit your business you will probably visit points 1-6  once.  If the manager is retiring from an existing business, it is possible that you will touch these points many times.

 

 
 
 
 
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