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10 Key Points You Must Know About Business Succession Planning
Succession Planning isn't just about preparing for boardroom changes or grooming your son or daughter to take over when you want to retire. It's much more about how those who manage others create seamless changeovers, preparing who you have, for opportunities that might present themselves.
10 Key Points You Must Know About Succession Planning for Your Business
Succession Planning isn't just about preparing for boardroom changes. It's about how to create seamless changeovers for opportunities that might present themselves. Through empowering your people, you generate enthusiasm and engagement.
You Can’t Be Fired But Neither Can You Quit
Facing the issue of succession or the sale of one’s business is very much akin to addressing the need for life insurance. Neither subject is addressed with much enthusiasm by the average person. The prudent address the inevitable and prepare. Although only one eventuality exists for us as individuals, three exist for our business: Transfer to family, sell to outsider, or close down. This article is meant to shed light on the contrast betwenn business owner's expectations regarding the transfer of their business and the reality of what really happens.
Can Your Son or Daughter Really Run the Business
How can you turn the business over to your children without creating chaos--- This is probably the toughest question any business owner that has family working in the business will ever face. However, the answer is simple. The answer is..... It depends. It depends on how well you (the owner) have prepared yourself and your child for this transition. Have you planned this out? Has your successor been trained, developed and prepared for the transition? This is pretty easy if you only have one child in the business and he/she just happens to be the next Jack Welch of wholesale distribution. This child has worked outside the business for someone else for a minimum of five years. They have completed their MBA and they worked their way up in your organization starting in operations or customer service.

How Do I Fire My Son Toby? My Wife Won’t Allow It
"I love Toby. He's my oldest son, he's Vice President of Sales but he just doesn't get it. My daughter should be running this business, she's brilliant but she's married to a surgeon and doesn't want anything to do with wholesale distribution. She's quite happy with all the charity work she is involved in. My youngest son has potential but he's only twenty two and just isn't ready to take over a 0 million dollar distribution business. Two events have occurred recently that are wearing on me a little. First, I transferred 75% of my stock equally to my three kids, 25% each. All three receive a salary although my daughter rarely appears at the office due to her charity work. The second event occurred after I hired a succession consultant to help me transition into retirement. He told me that Toby was incompetetent.
Succession ----Have You Taught Your Son or Daughter How to Swim?
If it is your true desire to keep the business in the family and pass it on to the next generation, you have an obligation to yourself, to the business, to your employees and yes to your son or daughter to make sure you are doing everything you can possibly do to help them prepare to take over the business. I can offer one simple piece of advice; when they are ready, back off and get out of the way. There are all kinds of published recommendations on this subject regarding family qualifications etc. If Dad is a typical old school autocratic type of leader who believes that sweating blood, an exceptional work ethic without concern for balance and shows no interest in discussing the emotional feeling side of succession, the kids will have difficulty maintaining a clear sense of expectations for themselves.

Lesson #5: “I feel very comfortable out there, being out on the frontier where it’s rough and unclear”
“I always find myself out on the leading edge of these new media, and since I’ve done it now for so long, I feel very comfortable out there, being out on the frontier where it’s rough and unclear and a lot of things have to be sorted out,” says Hawkins. “I don’t mind making that longer-term investment and figuring things out and waiting for it all to come around. And there’s always a lot of confusion in the beginning and different ways of thinking about it as a business. And that’s what I’ve always loved doing is being out there on the front, figuring that out for the first time.”
Poker, Unpredictability, and Going on Tilt
I had an interesting experience tonight playing Texas Hold'em Poker. Despite having virtually no poker experience, I ended up winning a decent-sized pot. The morals of the story:
The End Game
The 'End Game' is probably best described as the goal at the end of the road. For a small business it might be a profitable sale, or being replaced by a General Manager and 'go to beach'! For a large organisation it will be the realisation of a vision.

Succession and Leaving a Legacy
Succession is always a challenge in business - it needs to become a planned process of continuity. It's a bit like carrying a serviceable spare tyre in your car. You never planed to have a flat tyre but you did plan to get there regardless!

Sales Management Training Tips: Pursuing Sales Results vs. Developing Your Team
I recently had lunch with a highly successful VP of Sales of a Pharmaceutical company. He explained that he was frustrated with the members of his sales management team, who he felt were focused only on results. He worried that they were not spending any time developing their salespeople. At first blush, most of you might easily say you don’t see a problem with that. You wish your sales managers were more focused on delivering the sales numbers. That’s easily understood and probably true in many cases.

5 Ways to Gauge Sales Management Coaching
Most sales leaders would agree that coaching is the most impactful activity a sales manager can do to drive sales team performance. Studies reinforce this by showing that above-average coaches deliver 20 percent more sales. The challenge? Sales management coaching is the weakest-performing activity among managers. How do you know if your managers are effective coaches? Here are five ways to find out.

Three Trends Facing Future Business Strategic Planning
Where does time go? What seems like just yesterday you were planning this year's goals and now it is 6 months or heaven's forbid 2 years later!

Companies Develop Leaders? 10 Ways to Know
Is your company paying enough attention to internal leadership development? Here are 10 ways to determine if developing the next generation of company executives is a strategic objective.
7 Rituals To Improve Your Life and Business
What do Valentine’s Day, Christmas, dating, dinner and a movie, marriage and couples have in common? Rituals. A ritual is defined as ‘any method of doing something in which the details are always faithfully repeated.’ To relate this to your life, rituals include: the time you wake up, how your brush your teeth, the route you take to work – you get the idea. Rituals give life meaning and help us celebrate milestones in our lives. They offer security, stability and routine and a sense of calmness to an otherwise chaotic existence. They also give us something more - the power to live greatly in business and life. Learn about the 7 greatest rituals.
9 Steps to Succession Success
When it comes to the planning for the transition of a business, good things do not come to those who wait. Those who do often find themselves feeling the pressure of a ticking clock, caught between needing to move quickly and immobilization. Good agents understand that long-term success means more than selling insurance for immediate needs; it means keeping an eye on that clock for clients’ businesses as well as their own agencies. They begin to think of insurance in a different light: insurance for the business’ legacy. If you are thinking about, and planning for, the next phase of your – or your client’s – firm, taking the following steps will help you move quickly toward the goal, and assure smoother sailing in the process.
Leadership Ten Ways To Be Better At Leading Teams
Leadership is a fascinating art. A balance between getting things done and having enough about you to maximize both the motivation and engagement of all of your people for now and the future. Building a team that works so well for you is a challenge, so here are a few ideas that will help you along the way.
Risk Management for Law Firms
Have you planned an exit strategy for you?
Ten Deadly Succession Planning Mistakes To Avoid, According To Your Strategic Thinking Business Coach
Your Strategic Thinking Business Coach strongly recommends that all business owners (especially small business owners) develop succession plans. And to develop them now, rather than later. Succession planning is very important to the long-term success of any business. Leadership transitions in business affect the entire organization’s continuity, employee retention, client retention and returns on investment. It is essential to create and implement a process that creates visibility, accountability and greater integration of all facets of the business. Too often, mistakes are made in succession planning efforts. Your Strategic Thinking Business Coach offers the following list of ten (10) deadly succession planning mistakes that small businesses make and that you should avoid. The ten (10) deadly mistakes are:
Gift and Estate Tax Changes....................Are You Ready?
Gift and Estate Tax laws are in flux and may be subject to upcoming changes. If you own a business and have considered gifting an interest in your business, are you up-to-date and ready? In this month's article, we review what we know about these potential changes.

Succession Planning: Laying the Groundwork for Continued Success
Succession planning is a vital business activity, a key element of ensuring organizational continuity and growth. In brief, it entails lining up the right people to take over important roles as they open up. Lack of a solid plan can place strain on the organization and its employees. Here's what can be done to increase the odds of success.
Succession Planning: Planning for the Future Success of the Organization
Simply put, succession planning is the act of focusing on the future of your organization as it relates to the “people” side of the business. Typically, most people think of succession planning as it relates to replacing a retiring CEO; however, it can be equally crucial to extend succession planning to the entire management team and other key employees. Proper succession planning could mean the difference between a viable, thriving organization and one that could quickly go out of business. For most companies, succession planning is certainly on the “to do” list, but many don’t focus on it until it’s too late. There is no right or wrong process to follow – it’s more a matter of timing. Do it sooner rather than later is the key.

Other succession Related Articles

“Do You Know Where Your Succession Plan Is? And Do You Know What To Do If You Can’t Find It?”
Many business people detest thinking about succession planning, let alone actually doing succession planning. It becomes another one of those items to be done “tomorrow.” The enormous risk in putting this off is that without a succession plan in place, the continuity of the business and its future direction could be totally lost. It is important to impress upon you that succession planning is needed earlier in your life of your business, not later. Do you or don’t you have a succession plan? Is it written down somewhere so it can be found? Or is it in your mind and no one else has any idea of what your succession plan looks like or where to find it? And if you cannot find it do you know what to do? Here are my eight (8) strongest recommended actions to take if you do not have or cannot find your succession plan.

Succession Planning: Planning for the Future Success of the Organization
Simply put, succession planning is the act of focusing on the future of your organization as it relates to the “people” side of the business. Typically, most people think of succession planning as it relates to replacing a retiring CEO; however, it can be equally crucial to extend succession planning to the entire management team and other key employees. Proper succession planning could mean the difference between a viable, thriving organization and one that could quickly go out of business. For most companies, succession planning is certainly on the “to do” list, but many don’t focus on it until it’s too late. There is no right or wrong process to follow – it’s more a matter of timing. Do it sooner rather than later is the key.

Ten Deadly Succession Planning Mistakes To Avoid, According To Your Strategic Thinking Business Coach
Your Strategic Thinking Business Coach strongly recommends that all business owners (especially small business owners) develop succession plans. And to develop them now, rather than later. Succession planning is very important to the long-term success of any business. Leadership transitions in business affect the entire organization’s continuity, employee retention, client retention and returns on investment. It is essential to create and implement a process that creates visibility, accountability and greater integration of all facets of the business. Too often, mistakes are made in succession planning efforts. Your Strategic Thinking Business Coach offers the following list of ten (10) deadly succession planning mistakes that small businesses make and that you should avoid. The ten (10) deadly mistakes are:
A Strategically Structured Outline For Business Succession Planning From Your Strategic Thinking Business Coach
One major question I ask business owners is: “Do you have a succession plan or exit strategy for your business?” I also ask employees: “Do you know if a succession plan or exit strategy exists in your company or organization?” My experience has more than 90% telling me they have no succession plan or exit strategy. Succession planning is a critical factor for the long-term success of any business. Leadership transitions in business affect the entire organization’s continuity, employee retention, client retention and returns on investment. It is essential to create and implement a process that creates visibility, accountability and greater integration of all facets of the business. Your Strategic Thinking Business Coach has developed a strategically structured succession plan outlnine and shares it in this article.
Succession Planning Tricks in Your Business and Organization
Succession planning, in any business, is vital to avoid major challenges when a key person leaves their key position. Taking the time to build a succession planning strategy doesn't take that long, so here are a few ideas that will get you started.
Succession Planning - Your Operational Necessity
Robin Throckmorton, MA, SPHR and Patti Dunham, MBA, MA, SPHR work together to share different perspectives on succession planning. Will their information help drive your organization to finally take succession planning serious?

What Puts Success in Succession?
Succession planning is vital to the long term survival of any organization. Unfortunately many companies do a poor job of succession at various levels. This paper outlines some of the key issues and gives several checklists that can help make these processes work better.
Succession Planning: How to Meet Future Talent Needs
Succession planning is a talent and organizational improvement initiative that enables your business or organization to grow and thrive now and in the future. Reasons Why You Need to Immediately Implement a Succession Planning Strategy...

Using Law Practice Management Software To Help Create A Succession Plan
Law firms that don't have a succession plan risk losing clients when a senior partner retires. A succession strategy that incorporates law practice management software and law firm accounting software allows a practice to weather the change with a minimum of disruption.
The Importance of Succession Planning
The resignation of Steve Jobs as the CEO of Apple has brought the subject of Succession Planning to the forefront of conversation. This article explores the importance of succession planning to organisations
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