Corporate E-Learning

Welcome to the Business Succession Planning workshop. The loss of valuable leadership can cripple a company. Business succession planning is essentially preparing successors to take on vital leadership roles when the need arises. Whether it is preparing someone to take over as the sole proprietor of a small business or a position of leadership in a corporation, business succession planning is essential to the long-term survival of a company. This course will teach you the difference between succession planning and mere replacement planning and how to prepare people to take on the responsibilities of leadership so that the company thrives in the transition.

Succession planning and replacement planning are two different things. Replacement planning is focused on identifying immediate understudies, while succession planning is focused on developing talent to move forward.

Implementing any new process requires planning. Like any other business plan, succession planning requires taking a hard look at the business to identify its needs and opportunities. Devise parameters within legal and operational parameters. Create a plan that fits with the company’s long-term goals and evaluate the plan as needed.

The initiation process is essential to the success of business succession planning. At this stage, the goals and objectives are set. The first step of this process is to create a mission statement and a vision statement. Core values of the company need to be incorporated into any process, including a succession plan. The mission statement and vision statement will guide the succession plan, and steer people who choose to become mentors in the right direction.

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. SWOT analyses have been used since the 1960’s to create business strategies based on the information from the analysis. Strengths and weaknesses are internal factors, and opportunities and threats are external factors. Conducting a SWOT analysis is an important step to take before creating any business plan. A SWOT analysis should be measured against competitors, and used to determine what needs to be involved in a succession plan.

Once you have a grasp of your business and know the direction you want to take, it is time to develop a succession plan. To do this determine your priorities, use the priorities to set goals and objectives, and develop a strategy to achieve these goals. When this process is complete begin drafting the succession plan that fits your needs.

Executing a successful succession plan requires assigning the roles and responsibilities of the plan as well as monitoring the progress of the plan. Doing so will help guide the succession plan in the future. Over time, the way in which the succession plan is approached will change. For any plan to have long-term success, it must be flexible.

A successful business succession plan requires the support of all the employees involved. People naturally resist change, even beneficial change. It is important to closely monitor any new plans and immediately address any and all employee concerns. This is the only way to develop the support that is necessary for a succession plan to reach its full potential.

Change is never easy. Implementing or altering a succession plan needs to be done strategically in order to transition smoothly. Changes that are not explained or monitored are more likely to fail. A change management plan and communication plan will work with the succession plan or any other plan to encourage the growth and development of employees and the business.

Roadblocks accompany every plan. It is easy to become discouraged when plans begin to unravel, however, minor problems are to be expected and no reason to give up on a plan of action. Succession plans are just as vulnerable to roadblocks as any other business plan, but anticipating common obstacles, re-evaluating goals, and staying focused will help the succession plan succeed.

Succession planning requires time and effort. It is an investment in employees and an investment in the life of the company. No matter what condition the business is in, succession planning can lead to long-term success. Success, however, is based on the circumstances and goals of each company.

Although this workshop is coming to a close, we hope that your journey to improve your business succession plan is just beginning. Please take a moment to review and update your action plan. This will be a key tool to guide your progress in the days, weeks, months, and years to come. We wish you the best of luck on the rest of your travels!