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3 Steps for Business Succession Planning

Is your company prepared? Here are three steps for an effective business succession plan --- via CBG Benefits.

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Is your company prepared for health care reform? For a downswing (or upswing) in the economy? For a natural disaster?

Those are just a few items that could potentially have a dramatic impact on one’s business.

Another item that could have a similar impact is if a key member of your leadership team leaves the company. If you’re not ready to replace those positions, your business may quickly go off track.

Here are three steps that you can take to ensure that you are prepared for business succession:

  • Perform a Skill Assessment: Companies must identify what skills would need to be replaced if a key employee has moved on. Next, they must identify what employees filling those positions would need to effectively make the transition. Which of those skills are they currently lacking? What could the company provide them to help them gain that skill?
  • Start Training Now: Companies should start training backup employees on various roles now — well before they need to deal with the actual replacement of an employee in a leadership role. By putting in this effort early, employees will be better prepared mentally and physically when it’s time for their role shift.
  • Communicate Often: In a business succession, unknowns and indecisiveness can cripple a business. Thus, it’s important that companies help employees recognize and understand their career paths. This would certainly include making sure that they are clear on what roles that they are being trained to fill. By keeping the lines of communication open early and often, the company will better be able to move forward.

Additional Guidance

I hope that you find these steps helpful as you seek to keep your company on a successful path.

If you have any questions about your company can implement a succession plan, please contact our team at 877-332-6387.

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