You may have put your very heart and soul into your business, but that doesn’t mean it shouldn’t thrive without you. By creating a comprehensive succession plan, you can ensure the company will continue serving clients for many years to come. Unless you consult with a business law attorney, though, you may not address everything when drafting the plan. Fortunately, the team at Zangari Cohn Cuthbertson Duhl & Grello P.C. in New Haven, CT, can help. Below, they share three essential steps for creating a business succession plan. 

Seasoned Attorney Explains How to Create a Comprehensive Business Succession Plan

1. Determine Who Is Essential

To create an effective succession plan, determine who is integral to the operation, growth, and continued success of the company. This might include the original founders, as well as any ingenious team members who joined the business later but ultimately contributed to its bottom line in a significant way. If you want to retire at some point, it should also include you.

2. Consider Why They Are Irreplaceable

Once you have created a list of all essential personnel, begin assessing why they are so important to the company. Do they help design or improve products and services? Or maybe they effectively manage those who do. Do they perform tasks that no one else knows how to do? At the end of the day, determining why these individuals are irreplaceable and what makes them so special is crucial.

3. Plan to Hire From Within or Start a Talent Search

The best time to look for successors is before your current team has left. If hiring from within is possible, start implementing cross-training programs, so other employees can learn the essential tasks. Otherwise, consult with a recruiter to begin a talent search.

If you need help creating a business succession plan, turn to a seasoned attorney at Zangari Cohn Cuthbertson Duhl & Grello P.C. in New Haven, CT. They are proud to provide quality legal guidance to small business owners throughout New England. To learn more about their range of practice areas and the countless ways they can help your business, check out their website, or call (203) 789-0001 to talk to a business attorney today.