As someone who has created their own business or inherited and run a family business, you may have big plans about passing your company on to someone else. However, have you truly stopped to consider the qualifications and traits that will make someone successful in your position?
If you already have one or more candidates in mind to take over your position when you choose to retire, it may be time to discuss that with them and have them begin working with you to understand the jobs you perform in the office. If you haven’t selected a successor yet, it may be time to start succession planning, even if your retirement is decades off.
Creating a succession plan means helping the company find your replacement
Succession planning for a business is much like estate planning for your personal life. In a succession plan, you should outline all of the important details that are necessary to perform the functions of your job. You should also outline the responsibilities that someone will assume when they take over your position.
Additionally, it’s important to provide guidance regarding the qualities that you think would be best suited to your role within the company. Whether you think having formal business experience or sales experience is important, including those qualifications in your succession plan can help you in the future or other people at the company more quickly identify viable candidates.
The longer executive or high-ranking managerial roles remain open, the more unstable a company becomes. Succession planning helps you protect the business itself by ensuring that your replacement can smoothly move into your position.