Succession planning is a critical process for small businesses, medium and large businesses, closely held businesses, privately owned businesses and significant controlling interests in publicly listed companies.
Whatever your business model, a certain path to limiting business value is to maintain dependence on the owner/s for revenue generation, leadership, culture, loyalty, branding etc.
Succession planning is essential in determining the capital value or market price of your business and therefore your wealth. However, the succession process takes time and you must first identify the nature of the roles required in the future.
axis direct can help you in this process:
- define the key competencies required for critical roles
- identify potential internal candidates and assess their competencies against future requirements
- identify external candidates
- identify career and individual development paths
Your Succession Plan should be in development or in place.
Putting it off increases risk.