Skip Header Navigation

Sign-in

  
» Business Solutions
Resource Centre
  Business Tips
  Starting a Business
  Growing your Business
  Expanding a Business
  Business Succession
  Why Plan Now?
  Common Exit Strategies
  What's Your Business Worth?
  Legal & Tax Issues
  Grooming Your Successor
  Creating a Retirement Plan
  Support & Resources
  Publications
  Women Entrepreneurs
  Industry Expertise
» Business Accounts
» Borrowing & Credit
» Investments
» Merchant Services
» Payroll Services
» Online Banking
» Branch & ATM Locator
» Commercial Financial Services
» Contact Us
» Search
Business Resources - Business Succession

Grooming Your Succesor

 

Choosing a Successor

Whether your exit plan involves family members, business partners or even employees, a great deal of work must be done to ready the company's leadership for continued success.

Choosing a successor involves three steps:

  1. Identifying future leadership needs of the business.
  2. Assessing existing skills and potential candidates.
  3. Creating a feedback and monitoring mechanism to assess the progress of leaders-in-training.

What qualifications are needed for your successor? Apart from business skills and knowledge, you might consider candidates with the following leadership qualities:

  • global thinking;
  • focus on results;
  • performs tasks & projects with speed;
  • keeps a customer focus;
  • has concern for people;
  • respects others; and
  • trusts others and is trustworthy.

Your retirement plan should include a written job description for the chief leadership position that family and other interested candidates can study.

Jump to
Preparing the Next Leader
Some Pitfalls

Take Action
  Contact Us
  Business Banking Centres

Related Links
  Financing Options
  Deposit Accounts
  24 Hour Access
  Investment Services
  Payroll Services
  Business Insurance
  Merchant Credit & Debit Card Services

Learn More
  Starting a Business
  Expanding a Business
 
08/23/2010 16:11:14