Business Succession Planning: Ensuring Smooth Transitions and Future Success
Business succession
Having a business succession plan in place can minimize fallout if you lose a key employee. While it takes some extra analysis and foresight—and some transparent communication and documentation—it can pay off when a transition to new leadership goes smoothly. As you run your business, you're likely focused on the day-to-day challenges. But time can go by quickly, and it's crucial to plan the next generation of leaders.
Proper business succession planning—that is, identifying and developing employees to step into future roles—can set you up for success down the road while also improving your employee retention rates and engagement now.
"It's a strategic approach to thinking about scenarios and plans to ensure smooth transitions between current and future incumbents. Let's explore the basics of business succession planning, including the benefits of doing it, key steps to take to set it up, and the challenges you may encounter (and their solutions).
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