Succession is often viewed as ‘who gets what and when’. This is but one small part of the succession process.
Effective succession planning does actually involve a journey or a process rather than simply sitting down and writing a plan.
Often the plan itself is really just a formal confirmation of the outcomes of hours of discussions and negotiations addressing all the issues that form part of a successful succession planning exercise. As much as we are dealing with businesses and assets, we are dealing with people and families and relationships here that are often considerably more difficult to resolve successfully than business management and asset ownership structures.
What underpins a successful succession plan is business viability, therefore another important aspect of succession planning is transition of management. This is, ‘who does what & when’ which is a key component of the process however not all-defining.
The next critical element is leadership transition. If this is unaddressed it can seriously undermine any good succession plan. It is about the phenomenon of letting go and the evolution of roles within a business over time.
The complexities of succession planning:
- Leadership – Who leads & when?
- Management – Who does what & when?
- Ownership – Who gets what & when?
Often the plan itself is only the start being really just a formal confirmation of the outcomes of structured discussions and negotiations addressing all the issues that form part of a successful succession planning exercise. However, after completing your Succession Plan, OBT can also be on-hand to assist you with its successful implementation.