It’s not about who gets what with succession planning
Develop Your Succession Planning: Steps and Processes
We can’t make you see in the dark… but we’ll help you see your future.
What the future holds is unknown, but it’s inevitable that one day you will need to think about how your business will function without you. Not always does business succession involve the complete exit of a key individual or business owner. Often the best succession strategies are those that allow you to continue owning the business without being intimately involved in every operational detail.
We can steer you in the right direction, so you have the best chance of securing the desired future of your business.
You might be thinking about passing on your business to someone or selling up, either way you need a solid plan to prepare you and your business for that day. What many people don’t realise is that with some quick fixes you can dramatically increase the value of your business and iron out issues to ensure its future success.
Succession Planning strategy for different business types
We understand the drivers of small to medium businesses and the additional complexities when they are family owned and run. We can help you consider your options, identify a plan and implement your chosen path to achieve your goals. Our Specialist Partners and our Senior Succession Planning Consultant Bill Charlton would love to hear from you. Our team bring extensive knowledge and decades of advisory experience that will ensure your family’s financial future is secure.
Succession Planning Advisory in Brisbane
We’ll help you form a succession or exit plan, outlining who will take over your business when you no longer are available or when you choose to change your role. Our advisors will get to know you and gain an understanding of your business to maximise the feasibility of a smooth transition. They will ensure, most importantly, that your plan is attainable and give you a timetable of key milestones so you can ensure that things are on track. This will ultimately give you peace of mind and a clear sight of where your business is heading in the future.
Succession Planning FAQ's
A succession planner is responsible for developing and implementing strategies to ensure the development of a company’s future leaders. They work closely with senior management to identify key roles and potential successors within the organisation, provide leadership development and coaching, and provide guidance to ensure the company’s long-term success. They also plan for the transition of current leadership roles, ensuring that the right people are in the right places at the right times.
The first step in succession planning is to identify key positions and roles within the organisation. This includes evaluating current employees for potential advancement and identifying skill gaps that need to be filled. The next step is to create a detailed job description for each role, outlining responsibilities, qualifications, and job requirements. This will ensure that the right people are in the right roles and that they have the necessary skills and training to be successful.
The succession planning process involves identifying, assessing, and developing potential successors for key roles within an organisation. It includes identifying the skills and knowledge required for each role and assessing candidates to determine their readiness for taking on additional responsibilities. The process also involves creating development plans to ensure that successors are ready to take on the role when the time comes. Finally, the organisation must ensure that the succession plan is regularly reviewed and updated to ensure that it is aligned with the organisation’s goals and objectives.
- Identify key positions: Begin by identifying the roles that are essential for the continued success of your business and determine who currently occupies those positions.
- Analyse current personnel: Evaluate the experience, skill and background of each person in the organisation. This will help you determine which employees are best suited to transition into key positions in the future.
- Develop a plan: Create a step-by-step plan that outlines the responsibilities, qualifications and training required for each role.
- Identify potential successors: Identify and develop high-potential employees who could fill key roles in the future.
- Set expectations: Make sure current employees understand the plan, their roles, and the expectations for their performance.
- Monitor progress: Track the progress of successors and provide feedback, coaching and additional training as needed.
- Update the plan: Revisit the plan periodically and make adjustments as needed.