4 Tips For Success In Succession Planning

  1. Forward focus – the plan should project company growth at least 5 to 7 years and include essential company measures, including but not limited to financial projections, key performance indicators, customer distribution, employee size, market emphasis, sales strategy, technology, and competitive analysis.
  2. Hiring an executive – does the owner need to hire an executive to implement the growth strategy and plan – or is there a successor already employed by the business who can assume the executive role?
  3. Owner role – the business owner should determine her/his role in this strategy, essentially indicating how the owner will transition from owner to key advisor. Often, I characterize this as “moving from the driver’s seat to riding shotgun.”
  4. Type of succession – does the owner want to sell the company to an outside buyer, merge the company with a competitor, create an ESOP with company employees, or offer the hired executive an opportunity to purchase the company? These are only a few options.

Here are some addtional articles we think you might like:

Why You Do Not Need AI for Executive Search

Artificial Intelligence does not work well for executive search.

Shhhh… Listen! Do You Hear The Sound Of Tariffs Impacting Your Succession Plans?

Tariffs can have a surprising and significant impact on succession planning.

Selective Search Recruitment

Explore the benefits of selective search recruitment for finding top executive talent. Make hiring less risky and more effective.

The 10 Best Things About Personal Transition Planning For Business Owners

Personal transition planning for business owners involves emotional, mental, and practical steps for life after business.

Back to Blog