BUILDING A SUCCESSION PLAN
Resources:
According to MIT Management Executive Education, “family companies account for more than half of all publicly traded companies in the U.S. and two-thirds of all businesses around the world.” If your Family Business does not have a Succession Plan, then you are planning to fail. My succession plans focus on the key executive positions, i.e., CEO, COO, CFO, etc. Ceyero Consulting takes a different approach. We examine the roles that are critical to the on-going operations of the business. Loss of employees in these areas can cripple any business and can be especially dangerous for small family-owned businesses.
Ceyero Consulting will lead your team through a Six-Step Program that will help your team maintain stability in the face of expected and unexpected change. The Steps are:
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Identify Critical Positions (Positions that are necessary for the daily operations of the business).
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Identify Capabilities and Skills Set Associated With The Critical Positions
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Design the Development/Training Program For Critical Positions
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Develop a Knowledge Repository For Critical Positions
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Identify and Rank Potential Internal and External Candidates
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Design an Incentive Program to Retain High Potential Internal Candidates
Ceyero Consulting is your long-term partner.
Contact Ceyero Consulting for a FREE one-hour consultation.
Software & Tools:
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Skill DP Pro - Know Your Employees' Strengths, Weaknesses, and Training Needs.
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Zenefits - All-in-one HR software that saves you time
Suggested Readings & Podcasts:
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The Chris Hogan Show - provides sound answers to your money questions.
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Family Business Governance: Maximizing Family and Business Potential by C. Aronoff