To ensure the flow of wealth and continuity of your enterprise, here’s how to put a plan in place. These are the measures you will need to implement to ensure a smooth and effective transition of business.
Step 1: Identify and list the future goals and direction for your business.
Step 2: Pick out the positions that will need to be replaced if you or the top leadership retires or dies.
Step 3: Look for the people who can fi ll up these positions, whether these are family members, existing employees or professionals from outside.
Step 4: Put in place the documents listing terms and conditions to be agreed upon by the candidates.
Step 5: Train, hone and nurture these people for their future roles.
Step 6: Execute trial runs to monitor their performance and check for flaws or shortcomings.
Step 7: Arrange resources, draw up documents for smooth transition of the plan and people.
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Does your business need succession planning?
