One of the key questions I ask entrepreneurs: "You have a set plan or exit strategy for your company?" I also ask people: "Do you know whether a sequence plan or exit strategy exists in your company or organization ? You may be surprised to know that say, in my experience more than 90% of me, they have no succession plan or exit strategy. A 2004 CIBC Small Business Outlook Poll (conducted by Decima Research), noted that 39% of small> Entrepreneurs are planning to sell their business, and plan 15% who take over a family member. But respondents said two thirds (67% (the contractor that it is not themed, who acquire the company. For me, this result is very significant and quite frankly is a motivation for writing this article.
Succession planning is a critical factor for long term success of any business. Leadership changes in the economy on the wholeOrganizational continuity, employee retention, customer loyalty and ROI. It is important to create and implement a process of transparency, accountability and greater integration of all facets of the company creates.
To take in another article, Your Strategic Thinking Business Coach provided seven (7) strategic actions to structure a strategic succession planning. The seven (7) strategic actions are:
Strategic Action # 1: Startsuccession planning early.
Strategic Action # 2 provide: a clear and communicate the purpose, objectives and scope of leadership succession plan or program.
Strategic Action # 3: clear definition of the desired and required qualities of the new leader.
Strategic Action # 4: Develop a clearly focused strategy, develop leadership qualities.
Is Strategic Action # 5: Develop a talent take over management process, strategic thinking for specific development projectsOpportunities for future leaders.
Strategic Action # 6: Determination of future leadership candidates, which must be the development of a system for assessing the current and future leadership.
Strategic Action # 7: Identify a system for transmitting information to ensure that the leadership of the succession and / or development are integrated in line with the strategic business support.
Under preparing the list of strategic actions, it was important to develop strategically present a comprehensive overview ofstructured succession planning elements. The summary is as follows:
STRATEGIC SUCCESSION STRUCTURED Framework
I. AIMS & OBJECTIVES
Develop a vision for your company
Develop a mission statement for your company
Create a list of your core values and principles
Develop short and long term goals for your company
Identify the stakeholders for your company
Develop your personalVision
Develop your personal goals
Develop your retirement goals
Create a team of consultants for your succession planning efforts
Imagine the need for a range plan
II Exit Strategy
If you develop for your exit from your company
Check the advanced options for your exit from the business
Select your option for your exit strategy
III. Business Valuation
Obtain professional advice to determinethe value of your company
Determine the value of your company
Determine a current value of your company's assets & liabilities
Determine the intangible value of your company
IV Business Structure
Identify and quantify your company's debts
Recruit and retain productive employees
Structure to maximize business
Document key processes and procedures used in your company
V.Tax considerations
Development of financial goals
Identify your tax implications of the current business
Plan and implement tax strategy to minimize your taxes
VI. LEGAL CONSIDERATIONS
Hire professional legal
Development of a buy-sell agreement for your company
VII ESTATE PLANS
Hire a professional adviser Estate planning
Develop an estate plan
VIII SUCCESSOR SELECTION
Develop specific criteria for yourSuccessor
Recruit & select successor based on your criteria
Communication with your selection of the successor parties
IX. SUCCESSORS TRAINING
Make a list of characteristics and capabilities of your successors need
Develop a training plan for your successor
Development of a coaching / mentoring plan for your successor
Imagine planning a timetable for the successor
X. CONTINGENCY PLANS
Develop a contingency plan (based on the "WhatIfs? ")
Research and identify insurance needs (disability, personal life, critical illness, business, key person, etc.)
Select & train to incorporate a key employee in emergencies or unforeseen events
Communicate your plan to stakeholders and consultants
XI. IMPLEMENTATION PLAN
Document the roles, responsibilities and expectations concerning the transfer of ownership
Identify facilitator to ensure that the process is the successorout
XII. SCHEDULE
Identify your schedule for the changeover in management
Identify your timeline for the transfer of ownership of your company
Identify your timeline for full withdrawal from your company
XIII. COMMUNICATION
Document the succession plan
Document, such as going with the succession plan in the event of an unforeseen event (accident, sickness, death)
Document of the transition or exit strategy to inform families,Employees, customers, suppliers, community and all stakeholders
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