Whether you operate a small family business or an established local institution, your success and continued growth depend a great deal on experienced leadership and skilled management. During times of transition this becomes even more crucial, which is why having a business succession plan in place is so important. According to Zangari Cohn Cuthbertson P.C., New Haven business attorneys with decades of experience, even small family businesses should have a plan in place for when senior staff members retire or fall ill.

How To Create A Business Succession Plan

1. Identify The Key Individuals

The first step is to list those individuals whose vision or skill set is key to the company in some way. These can range from the original founding members to extremely effective management personnel. Many businesses have at least one member who cannot be easily replaced.

2. Determine What Makes Them Unique

Analyze the performances of those key individuals. What makes them especially valuable? Do they provide mentoring and a long-term vision? Are they the only ones who know how to perform their roles? Do they possess unusual skills, such as the ability to manage many different projects at once? Finding out what makes an individual necessary will simplify the process of finding a suitable replacement.

3. Find Potential Successors Before They're Needed

Develop a plan by finding those within your company who could learn to fulfill the roles of key staff members. If your company is rather small, you may want to have a business succession talent search plan in place, with the ideal experience and personal qualities written out, in case a member of your staff is unable to work or decides to retire suddenly.

Since 1946, the highly skilled team at Zangari Cohn Cuthbertson P.C. has provided their clients with the personalized attention typical of a boutique law firm, combined with the range of services normally offered by larger offices. Call their New Haven office at (203) 789-­0001 to discuss your business succession plan today, or visit Zangari Cohn Cuthbertson P.C. online to learn more about their range of services.