Managing The Risks
Make sure that you start the planning process early. This will ensure that you build strong foundations for a successful plan.
Make sure that you engage and communicate with family members and key stakeholders that are pivotal to the planning process. This may include accountants or a succession planning professional.
Access the help from these key stakeholders to strengthen your plan for moving forward. This may cover a diverse range of services such as business planning and succession support services.
Now its time to put pen to paper and begin to develop a written succession plan for your business.
Make sure that you begin to implement the succession plan within the business in collaboration with key business stakeholders.
Once implemented it is important that you identifdy potential training opportunities for the next generation. This ensures that the business manager will be equipped with the right skills to manage the business in the future.
Start to review, measure and adjust the plan to ensure that it remains relevant to the business. Too often the plan is set aside and forgotten about.
Dont forgot to consider yourself and your future role that you can still plan in the business. This may be an active role or even perhaps a mentoring one to ensure that any skill gaps and filled in the future.
Utilise future and scenario planning as ways to plan for the future as well as a learning opportunity for the next generation. An example may be fluctuations in the market price and how the business could potentially adapt to these changes.