Succession planning that builds business value requires clearly defined goals and a vision that provides a distinct direction for the future. The presumption of succession and strategic planning is that if you don’t know where you want to go, and how you are going to get there, the probability of ending up in the right place is slim to none.
The strategic planning process is a collaborative initiative in which you, supporting family members, and key management discuss and confirm the vision and mission of the organization as well as the resources needed to achieve business goals. The outcome of the strategic planning process is a detailed action agenda that address items such as short and long term goals, operating methodology, talent recruitment, effective business structuring, and effective communication. The strategic plan will then serve as the compass for future business and succession decisions.
Engaging in this planning process periodically provides the opportunity for “Reality Alignments.” Adjustments should be made to the action agenda items when circumstances change and the resources available no longer equal the resources needed to meet your desired goals. Periodic reviews and updates of your strategic plan are key to your leadership team maintaining confidence that your vision and their goals are achievable and will eventually get done.