A business succession plan is something not commonly discussed among small and diverse businesses. After all, it’s especially difficult for any founder—especially those who think of their business as their child—to think of themselves as replaceable. However, in a rapidly changing, post-COVID market, succession planning has become more important than ever—having plans for leadership transitions is vital to maintaining the long-term health of any organization.
In this episode, we discuss what succession planning is, why it’s important for your businesses, and how it’s different from a business continuity plan. We share examples of successful companies with succession plans. We outline the key elements every succession plan needs and describe why a time element is crucial. We also highlight how a succession plan can help a business focus on mentorship, explain the importance of internal training and leadership development, and underscore the characteristics any business owner or leader should look for in their replacement.
This week on Breaking Barriers:
- What a succession plan is and how it’s different from a continuity plan
- Succession planning for multi-generational businesses
- Envisioning the characteristics of your replacement with a succession plan
- The key elements of a succession plan
- Why not having a succession plan is a major risk to any business
- How Chick-fil-A’s succession plan helps the company grow as a multi-generational business
- Incorporating a time element into your succession plan
- Building an onboarding process into a succession plan
- Leadership development and training for succession planning
- How often succession plans should be reviewed and revised
- Why small businesses tend to not have succession plans
- The value of mentorship
This podcast is brought to you by Hire Ground
Hire Ground is a technology company whose mission is to bridge the wealth gap through access to procurement opportunities. Hire Ground is making the enterprise ecosystem more viable, profitable, and competitive by clearing the path for minority-led, women-led, LGBT-led, and veteran-led small businesses to contribute to the global economy as suppliers to enterprise organizations.
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