Succession Planning
Succession Planning⎥ Long Island, New York Advisor
Rossiter Financial Group, INC.
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What is Succession Planning?
Succession Planning is a process in which individuals who will assume leadership roles within a company are identified. The process ensures that the business operates efficiently when people in key leadership positions within the company retire, resign, etc.
What is the Goal of Succession Planning?
Succession planning is more than filling gaps or finding replacement candidates for key positions. The goal of succession planning is to ensure a smooth transition. In prepping for growth, development, and change, laying the foundation for succession planning is imperative.
Foundations for Effective Succession Planning
- Proactive – It is essential to take a proactive approach instead of a reactive one. Sometimes you will know well ahead of time if a difficult to replace team member is leaving the business. For example, a planned retirement would usually be a situation in which you would have time to come up with a plan. Unfortunately, there are those circumstances in which you will be left with a vacant position with little to no time to prepare or fill the role. A proactive approach to succession planning is better than a reactive one. Come up with a plan now by considering the day-to-day impacts of critical positions in the company.
- Transparent Culture – Establish a culture of transparency within your business. The people who work for you are your current and future leaders. They should know their people’s goals, their team’s objectives, and what opportunities may open to them. Create a standard of open communication within your team regarding career aspirations and utilize this to optimize performance management. Creating and fostering a culture of transparency and open communication will ensure that your succession planning purposes are not misinterpreted.
- Internal Talent – In some cases, recruiting externally is necessary. However, your current team members already know the company, its goals, values, and beliefs. Taking a comprehensive inventory of present talent can help you foster leadership development within the organization and find successors internally.
- Try it On – You can have pinpointed successors who can take on the role of leadership during your vacation or take on specific responsibilities to see if they can take on the kind of position they are being singled out for in the future. Assign leadership mentors to those who are in the pipeline to succeed in key roles. These trial runs, and mentoring opportunities can reduce training and development costs and create a smooth transition if a vital role is becoming vacant.
Key Takeaways
The first step in effective and successful succession planning is to meet with a financial advisor at Rossiter Financial Group. We can assist in the whole process and ensure you are taking the appropriate steps now to avoid a crisis in the future when it comes to succession planning. Another essential factor to consider, even if you do not intend to retire or leave your position soon, is identifying someone you can mentor to take on your role and successfully run your business after you retire or in the event of a medical emergency or sudden unfortunate circumstances. Taking the proactive approach to succession planning ensures that your business will continue to work and provide for you and your family for many years to come and that your legacy will live on. Make an appointment with Rossiter Financial Group today and find out how we can help make your succession planning effective and successful.