Succession Planning Stocktake
When embarking on your succession planning journey its important that you learn from the past especially if you are running a multigenerational business. By doing a stocktake of the past and the present you can build strong foundations for the future.
Where do I Want to Be?
It is important to start planning on where you would like to be in 1,5,10 and 25 years. From here you can start to piece together the steps that you need to take to achieve your goals.
Creating The Plan
Looking into the past helps you identify things that worked and didnt work. This may include lessons learned that will help the business remain more resilient in the future.
Where are you now?
Identifying where you are now within the business will help you transition into where you would like to be within the business in the future. Do you have freedom outside of the business and have you identified the next successors?
The Next Successor
It is important to clearly clarify who the next successor is within the farm business and are they ready to take over if something happens? Are the next successors supported within the business and do they have a solid support network moving forward? Having answers to these questions will play a pivotal role in a successful succession plan.
Developing a simple risk matrix can help you identify and potential threat to your business as well as the likelyhood of those threats. This process helps new managers plan for the future while gaining a new level of understanding about the business.