If you’re a small business owner, one aspect of managing your business you probably haven’t given much thought to is how your business will run once you’re out of the picture. Although grim to consider, if you want your business to live on when you’re gone, then writing a thorough succession plan is essential.
So, what exactly do you look for in a successor? Ideally, you want to find someone you know and trust to run your business. If you own a family business, it may be your child, spouse, or someone within the family who has the know-how to fill in your shoes. If you don’t have a specific person in mind, having a succession plan in place will provide the criteria to hiring the right candidate.
When looking for a successor to run your business, here are some questions to think about:
- Are you considering internal candidates?
- Are you looking to promote a family member?
- Have you considered multiple candidates for the role?
- Do you have a plan to train your successor in place?
To learn more about the process of writing a succession plan, our friends at Bestow have created a nifty visual you can check out below:
Author
Paul Slezak
With over two decades of experience in the recruitment and human capital industry, Paul Slezak has established himself as a transformative force in the realm of leadership and career coaching, group facilitation, and talent acquisition. His unique perspective, drawn from his early career as a leader in global recruitment firms and his entrepreneurial success with his own start-up, has enabled him to make a significant impact on leaders, teams, and organizations across the world. Paul's passion for helping others achieve success and high performance is evident in his commitment to transforming leaders and their teams at local, national, and international levels. He specializes in promoting the importance of human-centered intelligence, focusing on soft skills such as authenticity, transparency, and trust to complement business-centered acumen and drive better workplace outcomes. As an impartial facilitator, Paul brings his expertise to team offsites and strategy days, ensuring alignment on goals, values, and culture while keeping participants on task. His engaging and energetic presence, coupled with his unique "entertraining" and "edutaining" delivery style, enables him to connect with audiences both large and intimate, sharing personal and professional anecdotes that inspire and energize.
