Whether you are a small or big business owner, succession planning is the key to ensuring the continuity and growth of the venture where you gave your life promoting and developing it. If you want a succession plan for your business, you must create a roadmap considering several factors leading up to that moment when you finally bid adieu to the company.

Many people choose their spouse, sibling, children, etc., as their heirs to a business, trust, or property, which may have pros and cons. However, if it is a business, ensuring a seamless transfer of leadership or succession will require due diligence and careful consideration because the continuity and progress of the venture are paramount when deciding on a new successor.

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Here are some points one must consider for a seamless succession plan of your business:

Skill Set

You must thoroughly search the company to identify a successor with the skills and expertise to take on the role. The person succeeding another leader in the company must have the right skills to ensure the company keeps growing and the new leadership is well prepared to take on the challenges. While the person wields authority, enforces decisions and respects discipline and deadlines, he must also be a team player. The successful candidate must be a skilled communicator with a vision for the company. So, the person could be outside the ranks of the existing leadership team or could be among them or family members, depending on their skills.

Familiarity

After identifying the talent, it is essential to consider whether the person is familiar with the business processes, so someone from within the company could be ideal but optional. Promoting someone from the ranks of the leadership team would make the transition effortless. For this reason, many business owners choose their children or someone from the family familiar with the operation of the business. Moreover, they may have undergone training to take over the reins when ready. Also, the existing employees may be familiar with the working style of the incoming leader and vice versa, allowing them to band together to achieve their business goals.

Lateral Entry

A lateral move refers to roping in a senior member from another department of the company instead of promoting someone. While it may be cost-effective, the person may take time to grasp the workings of the new department. Moreover, a high-ranking person from another department may have a superior skill set in managing affairs than someone promoted from the hierarchy.

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Training

Finally, it is impossible to find all qualities in a person. So, you may choose someone who has the most skills, is familiar with business operations, is informed, and is a good communicator to guide the team. Depending on the requirements, they can also be trained while on the job to prepare them for the role and responsibilities of the new position.