POSTS TAGGED : succession planning

Succession Planning Remains an Afterthought for Many Companies

Succession planning isn’t at the forefront of every business leader’s mind, but it should be. If you’re an executive leading a company, you will likely depart at some point.

In an ideal world, you would have that day all mapped out. However, too many CEOs, presidents, and founders left their positions without implementing a succession plan. The outcome often involves a combination of confusion and chaos, leading to attrition and negative publicity.

Succession planning

This doesn’t just happen to small businesses. Howard Schultz formerly served as the CEO of Starbucks — three times. Schultz’s multiple returns to Starbucks highlight the challenges of finding a suitable replacement for a top leader within an organization.…

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Best Practices for Communicating Succession Planning to Employees

The effect of a poorly communicated succession plan to employees often is a decline in morale and an uptick in churn, both of which are liabilities for the company as a whole. Yet a lot of owners are surprised by this completely foreseeable outcome. They forget that what seems like a positive for them — exiting the business they built — could be seen as a negative for those around them. Here’s how to make sure everyone involved has a positive experience.

Business succession planning

Most people don’t like change, especially when it could affect their livelihood. The moment your employees find out you’re planning to exit your business, their brains will fill in any blanks with scary scenarios.…

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Strategies for CEO Succession Planning

CEO succession planning is a critical process that ensures a smooth transition of leadership within an organization. Effective succession planning helps maintain stability and continuity, even during leadership changes.

Succession planning

Here are 10 strategies for CEOs to plan for their successors and ensure a seamless transition when the time comes.

1. Identify Potential Successors

CEOs should embark on a thorough process of identifying potential successors within the organization. Beyond merely considering skills and qualifications, it’s important to look at a candidate’s track record of leadership, their commitment to the company’s mission, and their ability to inspire and motivate others. This process involves evaluating not only their current performance but also their long-term potential and adaptability.…

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Important Considerations for Business Succession Planning

As a business owner, your career relies on thinking three steps ahead. In the interest of proactive planning, you’ll want to prepare a business succession plan for your eventual retirement or in the case of any unforeseen, life-threatening accidents.

Business succession planning

While some business owners dread even the thought of handing their life’s work off to the second-in-command, it’s your sole responsibility to plan for what happens to your company when you’re no longer the presiding owner. Corporations are the only business entities that are exempt from formulating a business succession plan, as stockholders are technically granted ownership.

It’s a good practice to start planning early for unexpected shifts in leadership or early retirement.…

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Three Good Reasons to Involve Probate in a Will

As the CEO of a company, your life and your ability to continue to contribute to the business is vital to the success and health of the company that you run. It is why you probably have key person insurance for yourself and any other important key decision makers, such as your CFO.

Last will and testament

However, there are things that you’re probably not considering, such as your private will, as something that could affect your company. If you never think about how your private will can impact your business, well, you should start thinking about it today.

When writing a private will that also involves the ownership of your business, you need to be careful because it can cause everything that you’ve worked so hard for to grind to a stop or even possibly destroy it.…

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