Owning a business in Idaho can be both exhilarating and exhausting. There are so many steps involved that will affect your life and the lives of your employees. One step you might not have considered before opening your business was a business succession plan.
But now, with all the changes and questions brought into question about running a business during a pandemic, it’s something you probably want to look into. Business succession plans can help you and your employees for years to come, and at Generations Law Group, we’re here to help you build one.
What is A Succession Plan?
A succession plan or strategy is a process for identifying and developing new leaders and systems to keep your business running. These leaders can eventually replace the previous leaders when they leave or retire, or in the case of an emergency.
Succession planning increases the availability of experienced and capable employees that can assume new roles as they become available. It also works as a contingency plan for you if anything happens suddenly and you are left with a high-level vacancy.
To put it simply, having a well-designed plan at the ready allows you to transition your business smoothly to the next generation, whether it be to family members, trusted employees, or a buyer.
There are countless benefits in implementing a succession plan into your business, including:
- Employee retention
- Disaster-proof business
- Peace of mind
- Planning for the long-term
Remember that changes in your business are inevitable. Through effective succession planning, you can pave the way for the continuity so critical to your business’s future.
Key Steps of Succession Planning
Now that you have an idea of what a business succession strategy can do for you and your business, the next step is to figure out how to execute one. It might take some trial and error, but the sooner you start, the better it will be for everyone involved in the long run.
Some key steps of succession planning include:
- Considering critical roles of your team and how your business would be affected without those employees
- Thinking of team members who could replace those roles
- Making a list of the training that would need to happen in the event of a business change
- Providing professional development for employees to take over new roles
- Doing test runs
- Integrating these systems into your hiring practices
Who Should Be My Successor?
The question of who follows in your footsteps is perhaps the most challenging question any business owner can answer.
One of the best ways you can answer that question is to incorporate your role into your succession plan from the beginning. It will most likely be years before you transition out of that role or retire.
However, building long-term employees up through professional development, figuring out if you would want an outsider to take over, and considering the qualifications you will need for your role are essential.
Ultimately at the end of the day, you are the only one who will be able to make that decision, but you would only gain from a succession plan.
Contact Generations Law Group to get started on a succession plan
At the end of the day, all the steps of maintaining your business are here to ensure that you keep what you’ve worked so hard for. And without a business succession plan, that likelihood becomes smaller and smaller.
But Generations Law Group has you covered. Our goal is to help you create a comprehensive process to minimize disruption to your business and allow you to move forward with your life, proud of your hard work.
Generations Law Group will work with you to help create a succession plan for your business. For a consultation, contact us today.