Succession and Continuity Planning for Your Business
Today’s the first day of fall, and seasonal changes often bring with them the reminder that planning for the future is something we often neglect to do until it becomes absolutely essential.
To every thing there is a season, and your business is not an exception to the rule. At some point the current leaders will give way to new leaders, and whether you’re trying to keep a family business in the family or you’re preparing a buy-sell strategy, you’ll need to contemplate preservation, valuation, and a blueprint for the future of your business.
The Importance of a Plan
Rain on the plant in business man hand
If you don’t already have a plan in place to ensure business continuity, you should draft one. Not only will this plan benefit the next generation of leadership, but it will provide a clearer look into how your business is functioning now, and just how prepared you are for growth and change.
When new presidential candidates are about to be elected, many constituents fear that the current office holder will leave behind a mess for the next incumbent. The same can happen when businesses change hands.
You don’t want to leave your company in its current state for someone to inherit or step into. They may not be used to doing without the things you’ve learned to ignore or work around and, anytime someone is adjusting to a new environment, system, and set of responsibilities, the margin for error and likelihood of mismanagement increase greatly.
Andrew J. Sherman writes that only 35 percent of family businesses survive past the first generation of ownership, followed by only 20 percent who make it to the third generation. Source: Entrepreneurship.org “Understanding the Fundamentals of Succession and Transition Planning.” Preparation can increase your odds of a nearly seamless transition, so your plans should be well-structured, well-documented, and reviewed by all key team members.
The Succession Planning Process
In order to prepare, you’ll have to plan each step of the process and lock arms with the people you’ve identified as the next generation of leadership. Click here for an outline of the succession planning process.
Getting Your Ducks in a Row: How Succession Planning Relates to Document Management
There are many important facets to making sure essential business elements are in place so that the successors aren’t left scrambling to establish parameters and processes pertaining to your company’s vital documentation. We’ve provided a sneak peek by outlining three important areas below, but be sure to click here to see the complete list of the 10 most important things to consider.
- Review important documents and records
- Review or create a document management policy
- Identify a disaster recovery procedure
More on the topics of information management, archiving, and planning:
5 Things to Budget for in 2016 (Hint: #1 on the list is Information Security!)
Stop the Bleeding: Bulletproof Your Information Without Bandaids (FREE White Paper!)
Disasters Happen: Are You Protected?
Digital Archiving in the Pharmaceutical Industry
Corporate Relocation: 6 Things You Should Address Now
Protecting Your Assets: How Information Management Impacts Your Bottom Line
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