In “Consider the Unknown and Have A Plan for The Future”, Kendall Rawls shares that succession planning isn’t instinctively associated with growth. Rather, it is associated more closely with planning for an end.
It is easy to back-burner conversations and planning around succession because to be quite frank, it has received a bad rap. Perhaps it is because it is called succession.
If you are focused on growth and performance, it can appear difficult to split resources. People, time, and money are some of the things that need to be focused towards what is perceived to be an effort to plan for something way off in the distance.
Kendall advises, succession planning is about ensuring the sustainability of profits, which is a critical component to business value. To simplify it further, consider looking at the process from 3 points of view which would cover the potential, probable, and possible:
- ‘What if’ plan if you are out tomorrow, which I know is less fun and generally what makes people think of us as the crypt keeper
- What you would like to have happen in 3 to 5 years – grow, diversify, get out of day to day
- What you think you may want to have happen in the way off future – involve family, transfer to family, sell to key manager or third party, slow down at a certain age
Approaching succession planning from 3 different perspectives allows you to address what needs to be done on your terms while ensuring those you care about are taken care of. Don’t let the unknown stop you from exploring and ensuring you have all available options at your figure tips.
Read the complete article on the Multi-Unit Franchisee website
The Succession Matrix
Want to have control over the future of your business? The best way to do just that, is having a plan. Our approach in considering the 10 key areas of the Succession Matrix simplifies a complex planning environment. Click the following link for more drill down resources on The Succession Matrix
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