Enumerate How A Firm Formulate And Implement Its Growth Strategies A Strategically Structured Outline For Business Succession Planning

You are searching about Enumerate How A Firm Formulate And Implement Its Growth Strategies, today we will share with you article about Enumerate How A Firm Formulate And Implement Its Growth Strategies was compiled and edited by our team from many sources on the internet. Hope this article on the topic Enumerate How A Firm Formulate And Implement Its Growth Strategies is useful to you.

A Strategically Structured Outline For Business Succession Planning

One of the top questions 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?” You may be surprised to know that in my experience over 90% tell me they have no succession plan or exit strategy. A 2004 CIBC Small Business Outlook Poll (conducted by Decima Research), indicated that 39% of small business owners plan to sell their business and 15% plan for a family member to take over. Still, two-thirds (67%) of entrepreneurs surveyed said they haven’t broached the topic of who will take over the company yet.

Succession planning is a critical factor in the long-term success of any business. Leadership transitions in a business affect the continuity of the entire organization, employee retention, customer retention and return on investment. Creating and implementing a process that creates visibility, accountability and greater integration of all aspects of the business is essential.

In another article, Your Strategic Thinking Business Coach provided seven (7) strategic actions for strategically structuring the succession planning process. Those seven (7) strategic actions are:

Strategic Action #1: Start the succession planning process early.

Strategic Action #2: Clearly define and communicate the purpose, goals and scope of a leadership succession plan or program.

Strategic Action #3: Clearly define the desired and required qualities of the new leader.

Strategic Action #4: Develop a clearly focused leadership development strategy.

Strategic Action #5: Develop a talent management process that incorporates strategic thinking for specific development opportunities for future leaders.

Strategic Action #6: Identify future leadership candidates by developing a system to assess current and future leadership needs.

Strategic Action #7: Identify a system for communicating information to ensure that leadership succession and/or development programs are aligned with strategic business needs.

After developing a list of strategic actions, it was important to develop an overall framework to present the elements of a strategically structured succession plan. That outline is as follows:

Outline a strategically structured succession plan

I. GOALS AND OBJECTIVES

Develop a vision statement for your business

Develop a mission statement for your business

Develop a list of your core values ​​and guiding principles

Develop short and long term goals for your business

Identify stakeholders for your business

Develop your personal vision

Develop your personal goals

Develop your retirement goals

Create a team of advisors for your succession planning effort

Establish the need for succession planning

II. Exit strategy

Develop your business exit options

Review options developed for exiting the business

Select your option for your exit strategy

III. Business valuation

Get professional advice to determine the value of your business

Determine the value of your business

Determine the current value of your business assets and liabilities

Determine the goodwill value of your business

IV. Business structure

Identify and quantify your business debt

Recruit and retain productive employees

Structure to maximize business value

Document key processes and procedures used in your business

V. Tax Considerations

Develop financial goals

Identify the tax implications of your current business

Plan and implement a tax strategy to minimize your taxes

VI. Legal Considerations

Retain professional legal advice

Develop a buy-sell agreement for your business

VII. Estate plans

Hire a professional estate planning advisor

Develop an estate plan

VIII. Successor selection

Develop specific criteria for your successor

Recruit and select successors based on your criteria

Communicate the selection of a successor to your stakeholders

IX. Succession training

Develop a list of attributes and skills needed by your successor

Develop a training plan for your successor

Develop a coaching/mentoring plan for your successor

Establish a timeline for your succession plan

X. Contingency Planning

Develop a contingency plan (based on “what if?”)

Research and identify insurance needs (disability; personal life; critical illness; business; key person; etc.)

Select and train a key employee to take over in the event of an emergency or unforeseen event

Communicate your plan to stakeholders and advisors

XI. Implementation plan

Document roles, responsibilities and expectations regarding the transition of ownership

Identify facilitators to ensure that the succession process is completed

XII. timelines

Identify your timeline for the management transition

Identify your timeline for the transition of ownership of your business

Identify your timeline for your complete exit from your business

XIII. Communication

Document the succession plan

Document how to proceed with succession planning in the event of an unforeseen event (accident, illness, death).

Document a transition or exit strategy to inform families, employees, customers, vendors, communities and all stakeholders

Video about Enumerate How A Firm Formulate And Implement Its Growth Strategies

You can see more content about Enumerate How A Firm Formulate And Implement Its Growth Strategies on our youtube channel: Click Here

Question about Enumerate How A Firm Formulate And Implement Its Growth Strategies

If you have any questions about Enumerate How A Firm Formulate And Implement Its Growth Strategies, please let us know, all your questions or suggestions will help us improve in the following articles!

The article Enumerate How A Firm Formulate And Implement Its Growth Strategies was compiled by me and my team from many sources. If you find the article Enumerate How A Firm Formulate And Implement Its Growth Strategies helpful to you, please support the team Like or Share!

Rate Articles Enumerate How A Firm Formulate And Implement Its Growth Strategies

Rate: 4-5 stars
Ratings: 3610
Views: 12285240

Search keywords Enumerate How A Firm Formulate And Implement Its Growth Strategies

Enumerate How A Firm Formulate And Implement Its Growth Strategies
way Enumerate How A Firm Formulate And Implement Its Growth Strategies
tutorial Enumerate How A Firm Formulate And Implement Its Growth Strategies
Enumerate How A Firm Formulate And Implement Its Growth Strategies free
#Strategically #Structured #Outline #Business #Succession #Planning

Source: https://ezinearticles.com/?A-Strategically-Structured-Outline-For-Business-Succession-Planning&id=778348