Time to Startup!

The BizFilings blog covering business tips and trends.

Next Steps for Your Succession Plan

Published on Sep 12, 2012

Summary

Read 'Next Steps for Your Succession Plan' at 'Time to Start Up,' the small business blog by BizFilings.
By Brooke Miller Hall September is Healthy Aging Month, and we hope you’re the picture of good health. Nonetheless, it’s never too early to think about succession planning for your business -- no matter how healthy you are or how many candles are on your birthday cake. In the first part of this series, we just touched on how to lay the groundwork for succession planning. Now it’s time to dig a little deeper. Once you’ve started thinking about the future of your company, don’t leave it at that. And don’t just think about what you want: Write it down. Plan for it.
  • Hold regular meetings to talk about the future of the company and how you plan to get there.
  • Include succession plans in your yearly and long-term business plans.
  • Train employees for future roles in the company. Slowly start including those tasks and responsibilities in their job description and annual review.
  • Cross-train so your employees know how to fill in for each other – and for you. Write down every process, step-by-step, and keep it accessible and up-to-date. If you or one of your staff members were suddenly gone, think about what information you’d need available to keep the business running.
  • Explore your options and let you wishes be known. Also, make sure to include your corporate attorney in the succession planning discussion.
Though it’s a daunting task, succession planning is one of the most important things you can do for your company – and especially for your company’s future.