Succession Planning Pack

Prepare for the Future with Succession Planning

As a business owner, it may be hard to think about the day you step away from your company. However, it's critical to plan what will happen when that time comes, and who will continue your legacy.

Succession planning allows business owners to identify talent gaps, recognize employee potential, and plan for the future of their company by ensuring it has dedicated employees who possess the passion and knowledge to continue operations — whether the owner is there to run it or not.

Our Succession Planning Pack includes the following resources:

Succession Plan Instructions
Succession Plan Template [Examples Included]
Career Development Overview Template
Career Development Plan Template

Download the Succession Planning Pack

The benefits of succession planning:

Improves employee engagement and retention with targeted career development
Takes a proactive approach to solving future challenges
Improves company culture by creating a learning-centered organization
Gives leaders greater ability to manage lower-performing employees
Helps companies promote internally versus hiring externally

Succession Planning Frequently Asked Questions (FAQs):

What is succession planning?

Succession planning is the formulation of a long-term plan intended to outline the continuity of employee knowledge and responsibilities over time. This plan is a crucial asset for a company’s evolution and growth throughout its lifetime.

Why should companies have a succession plan?

Succession planning empowers owners to look comprehensively at the future of their company. Having a succession plan in place allows your business to guide employees toward future positions, and keep an eye out for how their potential and preparedness will change throughout the years, all to help continue your legacy.

Do I need a succession plan if I intend on selling my company?

Yes! If you’d like to eventually sell your business for a premium price, it has to be an attractive purchase for potential buyers. You should use succession planning to build a strong management team and strategic vision, and increase your chances of selling your business on the terms you want.