Business succession planning plays an integral role in the future success of any company. This will ensure you’re properly prepared to replace leaders and employees who have been crucial in the business’ development thus far. The professionals at Zangari Cohn Cuthbertson Duhl & Grello P.C. have helped many commercial owners around New Haven, CT, transfer their operations into capable hands. Below, they go over a few steps to create an effective business succession plan.

5 Tips for Business Succession Planning

1. Identify Goals

First, identify concrete goals you want to accomplish in the business. This should include objectives for each team member, as well as a collective mission for the company as a whole. This will allow you to figure out who will best be able to help reach these goals.

2. Involve Management in Decision Making

As you start to establish a business succession plan, communicate these ideas with other trusted members of management. Involving them in the decision-making process will help you find hidden talents and qualifications in people you may not have otherwise recognized. 

3. Determine What Skills Each Position Requires

Have a clear understanding of the skills required for each position in your company. Knowing this ahead of time will make it easier to match the right candidates to the openings available. Keep in mind, the best person for the job may not automatically be the person who’s currently second in command.

4. Provide Feedback & Training

One of the most effective ways to continue developing the talents of current employees is to provide them with feedback and additional training opportunities. This will motivate them to keep performing at a high level and give them the tools needed to improve.

5. Create a Transition Plan

Your business succession plan should also outline how you intend to transition employees in and out of positions. As people leave, there should be a designated exit strategy that streamlines the process of someone else taking over their job duties. This will limit inefficiencies as the changeover takes place.

A complete and detailed business succession plan will help protect all the hard work and capital you’ve put into your company. It will also provide a much smoother transfer of responsibilities to avoid interrupting the success you’ve already enjoyed. If you’re ready to start planning, the team at Zangari Cohn Cuthbertson Duhl & Grello P.C. is here to assist. Give them a call today at (203) 789-0001 to speak with an experienced attorney about drafting a plan that perfectly suits your business, and visit them online to learn more about what they do.