Critical to building value, success and succession is a focus on successor identification and development because, eventually, the owner and key leaders’ focus and priorities shift. Management support is critical to the continued development and deployment of a successor who has not mastered all of the successor criteria at the time of their empowerment as a successor. Learn how to deal with these challenges from an experienced succession advisor team.
Why Is it Important?
- Leadership bench strength builds value. Moving the business to and through the next generation requires available, capable, competent, and committed successors who will provide leadership through the transition.
- Identification and Development is an intentional initiative. Key criteria for a successor candidate are those who exemplify the character, capacity, competence, confidence, community, and commitment required to represent the organization’s mission and core values and drive performance. Most successors need on-the-job training and coaching, which requires time and commitment from the owner.
Download the Successor Preparation section of our Succession Matrix® guide.
See how your business compares to best practices in our printable guide complete with worksheets and additional insights.
Symptoms of a Successor Preparation Problem
- No identified successor
- Lack of a development program
- No successor criteria identified
- Unclear path to ownership/leadership
Use this succession planning guide to help navigate the intricacies of Successor Preperation, and be sure to used an experienced professional when looking for family business advising. Be better prepared to implement your strategic succession plan and ensure your transition goes smoothly and that your legacy remain intact. Download this guide, along with our other Succession Matrix guide that can be found here on our site.
What are the issues impacting the value of your business?
Contact us to schedule a Phase I diagnostic assessment of your business to find out.