As many business owners know, business succession planning is a process, not a one-time ordeal. Succession planning is the activity through which organizations identify, train, and set up future leaders to take over when current management steps down. All companies should have some form of succession planning in place, but the methods and intensity of the planning can vary from company to company. Today, we cover some basics of succession planning that all business owners and leadership teams should keep in mind.
Recruitment
The first basic of business succession planning is recruiting capable, hardworking leaders. In recruiting, it’s important to think about widening your network to attract talented, diverse employees that have a desire to grow with the company. Your hiring decisions should reflect your company values, and you should work hard to retain the talent that you’ve acquired.
Training
The second facet of business succession planning is training. As an employee spends more time at a company, he or she develops institutional knowledge, and it’s key that employees pass this knowledge down to future leaders. It can also be helpful to cross-train, or to have employees learn the jobs of employees in other (sometimes seemingly unrelated) departments. As you train more leaders, it can be valuable to take a step back and observe who is taking the reins and who is implementing your business strategies at the highest level.
Short-Term Plans
As you recruit, retain, and train employees, you should also think through possible emergency scenarios. In an ideal world, you would handpick your successor, and there would be a thorough and pre-planned process for handing off the business from one person to another. In reality, though, life is full of the unexpected. In addition to having your long-term plan, you should also have a short-term, emergency plan written down. This way, if you become incapacitated, experience an emergency, or need to step away for some other reason, the business can continue operating in your absence.
Business succession planning can be difficult to think through, because it involves imagining a time when you will no longer be an active part of the company. Because you as a leader have invested so much of your time and resources into your business, however, it is crucial to think about the business’s long-term health. Succession plans set businesses up for the future and allow them to thrive no matter what comes their way.
Is McCulloch & Miller the Estate Planning Firm for You?
As you peruse your options for a Houston business succession planning attorney, consider our legal team at McCulloch & Miller. Our team leverages decades of experience to help our clients achieve their financial and estate planning goals, and we are proud to offer a wide array of high-quality legal services for the Houston community. For a consultation with a Houston estate planning attorney from our firm, give us a call today at 713-903-7879. You can also fill out our online form with your contact information to have an attorney get back in touch with you as soon as possible to discuss your estate planning journey.