Leadership Continuity and Succession
If you own and run a business, and you want it to continue (and continue well) if you are unable to work, or simply if you wish to take an extended holiday or retire, you need to plan for continuity and succession.
Continuity and succession planning is all about picking who will take on your responsibilities and having them ready to take over when you want to leave or do something different.
Unless a responsible action plan for continuity or succession is considered now, your business has a greater chance of failing:
- If you become ill or have to leave suddenly the business will deteriorate unless key employees, partners or directors know how to carry on.
- If you are unable to continue in business, your immediate family could be left without income or the business might be unsaleable.
You need to think early on about who is to take on your responsibilities, and they should gain a gradual increase in decision-making. The person taking over must have the mutual commitment of you and your staff, which can take some time (months or years) to build up.
You might think about:
- Training an employee in the skills required
- Training a son, daughter or other relative in the skills required
- Bringing in a partner.
