You built a company and made it a brand. How painful would it be to see it fall apart in case an emergency arrives and you don’t have a backup plan in motion? That’s why succession planning is important.
Don’t have an ounce of idea what we’re talking about but want to understand what succession planning is? If yes, let’s engage you in a quick post that’ll make everything as clear as the summer sky.
What is succession planning anyway?
Succession planning is the process of planning ahead of time who will take up which role in the company in case a crisis happens.
A crisis could be anything – maybe, a very important member of the team will quit. Maybe, you’ll have to plan early retirement. The worst, you might be left incapacitated.
Who fills up the vacant position in such cases? Who decides that? That’s what succession planning is all about. You already prepare for a crisis so that no key position is left vacant at any point in time.
How to execute the plan?
Now that you know what it is and why it’s important comes the most crucial step: executing it. You cannot have the plan in your mind alone, you have to have it on paper. Not just any paper, a proper legal document.
Hence, the very first step towards the proper execution of the succession plan is hiring a succession lawyer from firms like Litvack Dessureault LLP avocat succession.
Your lawyer will be involved at every step of the way to ensure that there’s no legal loophole and the paperwork is foolproof.
Here are the other major things you need to do in order to execute the plan:
- Don’t play the who-is-whom game: What we mean is, don’t plan surprises here. Since you’re planning for a crisis and the future of your company is involved, inform the successors that you’re planning to give them a key role in case an emergency occurs. You can’t have it in your head that the person you’re considering for a role will be interested in the position. So, involve the concerned people in the plan.
- KT is necessary: The people you choose as backups should be groomed. The more experience they have, the better. Thus, help them learn from the best people currently handling the positions.
- Practice brings perfection: Why do people give mock interviews? So that they succeed when the real one takes place, right? Therefore, run the succession-in-motion scenario practically. It’ll give the successors practical experience.
On a parting note, your lawyer should be a part of succession planning and execution. The legalities are in their hands. Thus, make sure you have the best ones in your corner so that everything is backed up by the law.