As business owners approach retirement age, it’s never too soon to outline a succession plan. But retirement is far from the only force pushing proprietors out of ownership. Unexpected life events can happen at any age, and a succession plan ensures the right people inherit the business, operations continue to run smoothly and owners are able to exit under fair circumstances. In other words, proper succession planning is an absolute must and should begin on day one of ownership, if not before.
Proper succession planning calls for careful consideration and preparation. While it may be difficult to entertain the thought of exiting the business, unexpected circumstances can force proprietors to exit and seek new ownership immediately. Whether someone is nearing retirement age or just setting up shop, SMEs should take time now to build a succession plan that protects their business’ longevity and secures their financial future.
Through this coaching session, you will be able to:
- Gain insights on how to develop a proper succession plan
- Identify the obstacles of succession planning and how to overcome them
- Adopt a process to develop a talent management strategy
- Analyse employee data to identify talent risks
- Develop a workable succession plan
- Put in place implementable talent development plans
- Process for developing a talent management strategy
- Succession planning models and structures
- Managing a succession planning process
- Succession planning roadmap