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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.

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08/23/2010 16:11:14