Developing a Succession Plan (Checklist) Part 1
The lists and summaries that follow are GUIDELINES and should be supplemented by the advise and council of your business advisors in Developing a Succession Plan (Checklist).
Elements of an Effective Plan
q What do you want to accomplish
q When to start your plan? ____________________________________
q When should plan be complete? _____________________________
q Who is involved in the decision making?
q Who will be affected?
” People support what they help create.”
Without a plan, you won’t know where you’re going or how to get there.
Putting the Pieces Together
Define Owner/Founder Goals and Business Goals
q What do I want as my business grows?
q Do I have a vision of the future?
q Have I communicated the vision to others?
Analyze Your Business
q Operation Policies
q Financial Condition and Future
Create an “Advisory Team” to Help Create/Sell/Implement the Plan
“Two Heads are Better than One — Three Heads Improve the Vision.”
q Staff for Strength — Marketing, Financial … etc.
q Analyze and replace existing advisors if required.
q Go outside if needed.