Many small to mid-size businesses find themselves dealing with the priority of short term urgencies on a daily basis. It is easy to put off some of the long term needs and say….we will get to it later.
One of those needs is the creation of a valuable Succession Plan.
Here are the steps:
1. Set long term goals for ownership
2. Establish a set of managerial competencies
3. Evaluate the Management team
4. Debrief the assessment
5. Seek quality legal, tax advise
6. Create a robust performance management system
7. Identify Successors
8. Handcuff your best people
You can read more about this in the Vistage Research Center here
Hope you find it helpful