Planning for that future takes time and strategy to figure out, and family businesses have a lot at stake when it comes to planning for the future of their company.
With the success of the business comes challenges in managing change.
How will the company thrive in an economic slowdown?
What if someone becomes ill or dies?
What if one of us "burns out?"
Keider Consulting Group helps family businesses develop plans for the future through:
strategizing a future vision for the business
assessing the current talents of the organization
design talent development plans for high-potential candidates
preparing and pacing the business for the change
gradually releasing responsibilities and changing roles
Where is your talent pipeline?
Emergency successors should be those capable of doing the job for a short, cover period only - usually up to three months.
A Ready Now successor is a person who is presently competent and ready to take over the role immediately.
Ready 1 -3 years
Ready 1 – 3 years successors should be capable of potentially filling the role within this time frame.
None available means there are no available successors for a role. This requires a business decision to either grow talent internally through graduate or designated programs or to externally source successors.
Muthusamy, A. (2018). Succession Management : The Definite Do’s and the Detrimental Don’ts. KR Publishing.