While you may be content to be the face of your Kentucky business, you won’t be around forever. Therefore, it is important that you have a succession plan in place to ensure that your business survives after you pass on or decide to retire.
You never know what the future holds
It is impossible to anticipate becoming seriously ill or getting fatally injured in a motor vehicle accident. You also can’t predict when a significant natural or medical emergency may occur that impacts the global economy. It is also important to consider that another company may want to lure away your top employees or those who you may have groomed for larger roles moving forward. However, by having a succession plan in place, your company is ready to deal with events as they happen.
Start developing future leaders today
The process of creating a succession plan forces you to identify your key employees or those who have the potential to become key employees. It will also require you to think about the types of values and skills that a person would need to become a leader within the organization. If you don’t feel like anyone currently with the company has what it takes to be a future leader, it may be a good idea to hire people from other organizations who do.
Taking time to engage in the business succession planning process may help your company both now and in the future. In some cases, providing advancement opportunities to younger employees may be enough to keep them even if other companies may be able to pay them more money. Furthermore, knowing who to turn to in an emergency situation may help to maintain your company’s brand image in the event that you aren’t around to lead the organization.