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SpinDistribute.com Article Directory

The following article was published in our article directory on June 14, 2014.
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The Benefits of Succession Planning

Article Category: Business Management

Author Name: Wayne Messick

What are the advantages of succession planning? The succession planning process may include a number of different steps. Developing a plan for the replacement of key personnel is typically a big part of the process.

Much depends on the size of the business, and the advantages of succession planning benefit stakeholders from the smallest family business to Fortune 5oo firms alike.

Advantages of Succession Planning For Small Businesses
For a sole proprietor or single partner, the recommendation is to develop an exit plan. Exit refers to the time when the proprietor or partner will cease to participate in the daily management of the business, either through a sale to a partner or other insider.

A successor must eventually be chosen; someone to take over the daily management of the business operations. In many cases, the successor is a family member. This is often the case with sole proprietorships.

In a partnership, a decision about whether the partner will be replaced needs to be made. Sometimes, it is possible for the other partner or partners to take over the exiting partner's responsibility.

In any case, early preparation makes the whole process smoother. If a sole proprietor is planning to retire in 10 years, for example, he or she needs to start making an effort to identify and train a replacement. If a partner is to be replaced, the remaining partner or partners should do basically the same thing. Identify someone, possibly an employee of the partnership, who can take the exiting partner's place.

Advantages of Succession Planning For Small, Mid-Size and Large Enterprises
In these larger businesses, the CEO, president and vice-presidents are not the only key personnel. Depending on the type of business, there could be many others.

The succession planning process gets a little more complicated as the business gets larger. Talent development is a part of the process, as is making every effort to retain the talent by focusing on employee satisfaction.

What are the advantages of succession planning? Succession planning allows the business to continue to produce profits long after the investments required to launch it have been recovered. Advantages of succession planning also include the funding of the founders financial security in retirement. Rather than establish pension plans for example many business owners invest their money in the family business. Succession planning provides a way to convert that investment back into cash for the retiring generation.

For a sole proprietor or single partner, the advantages of succession planning come with the recommendation is to develop an exit plan. If a partner is to be replaced, the remaining partner or partners should do basically the same thing.

The succession planning process gets a little more complicated as the business gets larger, and the advantages of succession planning accrue to the benefit of an ever widening circle of people. We have assembled seven steps small and mid-sized businesses are using to harness and to the greatest degree possible simplify the process.

In addition people often find the insights of their peers can help them sort out and weigh the advantages of succession planning against the costs (financially and personal) of not starting their serious planning for the future today.

Keywords: what is succession planning, succession planning template, advantages of succession planning

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