Developing a succession plan is a necessary and critical step in setting up your business and employees for success upon your departure.
A successful transition plan covers several components from financial and estate planning, as well as ownership transition planning. SBS Private Wealth Management will work closely with you to develop a comprehensive transition strategy.
Benefits of Succession Planning
Protects Your Business
In the event that the key person is incapacitated in any way or is forced to leave the business, the company is left vulnerable. Succession planning is another step in the leadership strategy to protect the company.
Identifies The Best Future Leaders
Succession planning helps you better understand potential vulnerabilities, identifies internal candidates with the values and skills to take on the critical jobs, and paves the way to discuss with potential candidates about their interests and career plans.
Succession planning allows you to identify any competency gaps and to begin grooming future leaders for their eventual succession. By tapping potential successors early, you give employees time to acquire the skills and experience they’ll need to perform in their senior roles.
Secures The Company For The Long Term
If you position succession as part of your company’s overall growth plan, it can help you set realistic goals and plan for future talent needs that may result from that growth.