A Succession Plan is a deliberate and systematic effort by an organization to ensure leadership continuity in key positions and encourage individual advancement. Building organizational bench strength is critical to business success and development of your leadership team.
In family owned business planning for the future is even more critical since so much depends on the owner. Change of leadership may be the result of a thoughtful plan or it may be because of an unplanned crisis such as death or disability. Planning for the continuation of and transition from your business is essential to maximize its value.
“Succession Planning, like a relay race, has to do with passing on responsibility…Drop the baton and you lose the race.”
“Continued survival of the organization depends on having the right people in the right places at the right times.”
“One aim of succession planning is to match the organization’s available talent (present) to its needed (future) talent.”
Now is the time to stop thinking and start acting!
How We Can Help With Succession Planning
Ernst Enterprises, LLC has the practical knowledge, first-hand experience, and professional partners to help you assess your current condition and develop succession plans for your business.