Succession And Transition Planning
When is the Time Right for Succession and Transition Planning?
If you've started to think about retiring, it's time for succession and transition planning. The worst time for transitional planning is when you're already champing at the bit to leave. Transitional planning can take time; it can take years to foster independence and ensure that your existing team is ready to move forward without you. Here are a few signs that you should start your planning now.
Is Retirement Within a Few Years?
If so, it's already time to start ironing out future ownership roles and responsibilities. Those who are being prepped to take over in the future have to know now, so that they are going to be able to develop their skills and training.
Have You Been Putting It Off?
It's easy to put off succession and transition planning. Many people feel as though they can do this planning when they need to; when they truly feel as though they're going to retire. But, at that point, it may be too late. The transition will be disruptive if the time hasn't already been put in.
Do You Need to Secure a Successor?
Consider a family business in which the ownership roles and responsibilities are being passed to children. The children themselves need to know what roles they are going to take if they are to prepare, or they may move into other businesses entirely, or work within other fields. If time is of the essence in securing the right successor, the time for planning is now.
It isn't always easy to develop a plan. From ownership roles and responsibilities to a transition schedule, you may need some professional help. The Telos Group can work with you to ease your transition and plan for the future.