Leadership changes carry great risk to shareholder value. Therefore, effective succession planning must be viewed as a critical component to smoothly transitioning existing business leaders, preparing the next generation of leaders, securing the company’s market position, and assuring employees, customers and vendors the business will continue to move forward.
In addition, thoughtful planning can not only enable a company to continue to thrive in the midst of both expected and unexpected leadership changes, but can also allow for a well-timed and favorable exit strategy for those who have paved the way but are now ready to transition into the next phase of life.
At Floro Business Strategies, our succession planning process will address the following areas:
• Identify and develop the future plans and growth of the business
• Determine the personal future plans of the exiting leader(s)
• Internal talent development of potential successors for key positions
• Identification of areas where internal talent is not an option
• Establishment of plans to address the key positions
• Development and presentation of formal succession plan to key personnel