Planning for the unexpected, as well as fostering the growth and development of your management team are key to effective management succession. Your plan should consider:
- What management expertise is required for your business to continue to be successful?
- Who is willing and able to run the business?
- What preparation will they need to take on that role?
- What kind of management role, if any, would you like to keep?
- What can you do to protect or reward loyal employess?
Management Contingency Plans
If there is an unexpected absence, incapacity or death of the owner or a senior manager you need a contingency plan. We bring together your management team and key employees to develop a strategy so your business carries on running smoothly, whatever happens. This often includes talking with your family and your legal advisors, to ensure that your estate plan and power of attorney are consistent with this plan.
Management Succession Plans
By defining and focussing on the critical issues, plans for the transfer of management control can be developed and implemented successfully. We can help analyze your organization’s leadership needs, develop a plan to identify and groom potential leadership candidates, and plan for the gradual handoff of management functions. Ideally, planning should begin at least five years before the successor takes over.
Management Development Plans
Every business needs a plan to attract, evaluate and groom potential successors. We can help you identify the key characteristics for future leaders and assess current or potential candidates. This means you can identify opportunities to train, mentor or otherwise instill the qualities that will be necessary for them to take over.
Personal Development Plans
By helping potential leadership candidates clarify their own personal and professional goals and learning objectives, we help ensure a good “fit” for management roles. Encouraging candidates to set their own paths for career development also helps keep them engaged and committed to the business. Coordinating their personal development plans with the organization’s management development plan creates a pool of talent with the right qualifications to assume command when the time comes.
