What are the differences between succession plans that work and those that fail?

There are a lot of differences between succession plans that work and those that fail. The key to success is forming a plan that not only works well for your company but also fits the goals of each individual within your company. There are many things to consider when crafting a succession plan, including:


succession lawyers


-          Where are you in your business cycle? Where do you want to be in the next five years? Do you have a long-term strategy for growth? Is there growth potential for your company?

 

-          What roles do you want to fill in the future? What skills will be needed to fill these roles? Are you able to develop your current staff members into the people who will take over these roles? These questions should all be answered before drafting any succession plans.

 

-          How much money and time are you willing to invest in succession planning? Are there budgets set aside for training programs or improving working relationships between management and employees?


Once you've answered these questions, it's time to form a strategy that works best for your company. If you have a large group of employees, starting with small teams might be the best place to begin. You can also choose one or two key positions that need immediate attention and focus on those first.

If you’re ready to move forward, call this trusted business succession advisor for a free consultation:

Parklin Law LLC

5772 West 8030 South, Unit N206

West Jordan, UT 84081

(801) 618-0699

https://posts.gle/UxAZ4j

https://parklinlaw.com/business-strategy-and-consulting/ 


Location: Castle Dale, UT, USA

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