Business Succession Planning

The effective transfer of business assets to new owners or the next generation of management is one major issue that business owners sometimes face. The process of planning a transfer is largely a time-consuming one. 

As a business owner, it is necessary to possess an alert and forward-thinking mind, knowing that at some point in time a transfer will be necessitated. 

Succession planning basically involves any of the following 

-a systematic approach to prepare a successor in ways that best suit their strong points 

-the identification of the most capable candidates 

-concentrating resources development process to ensure the business continues to thrive.  

When it is effectively carried out, succession planning can critically enhance mission success and create an effective process for recognizing, developing and retaining top talent. 

Setting up a workable succession plan entails the following processes such as:

-survival stage 

-commitment stage 

-recruitment stage 

-development stage 

-selection stage 

-announcement stage and 

-implementation stage 

A succession plan does not only have to be developed during a business exit. It can start right from the business start-up. For the benefit of everyone associated with your business, please relate to us to help you out to forge your succession plan in accordance with your needs and objectives.