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PKF Texas – The Entrepreneur’s Playbook™: Succession Planning

by | Aug 29, 2008 | PKF Texas - The Entrepreneur's Playbook®

Note: Running Fridays in FromGregsHead.comis a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the Entrepreneur’s Playbook page of the PKF Texas website.

Succession plans seem to be the hot topic amongst entrepreneurs lately. Several CEOs of major corporations have announced their retirement plans. As this crop of Baby Boomers grows older and begins to retire, it’s only natural that succession planning would be top of mind.

It takes time to groom a successor so identify and create a pool of junior team members with high leadership potential. With proper mentoring, training and appropriate job rotations, junior team members will develop into effective senior managers.

Key things to think about when putting a succession plan into place:

1.      Your company’s long-term goals and objectives

2.      The developmental needs of your workforce

3.      Trends and predictions in your industry

Succession planning is about bringing forward the inevitable transfer of leadership to a time when it can be undertaken in a more controlled environment. With the proper preparation, the transition should be smooth and beneficial to the company.

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