Skip to Main Content

Building a Memorable Brand Starts with Succession Planning

Friday, June 12, 2015
Building a Memorable Brand Starts with Succession Planning

Everywhere you look there are brands that started as a small business. There is no shortageof great, memorable brands like Coca-Cola, Apple, Ford and so many more that had meager beginnings. A vast majority of those brands were founded by a passionate, entrepreneurial individual driven by a vision. They typically have an inspiring history about one person’s dream and their struggle to get their business off the ground and grow. Few of these stories include what happened after the founders’ dream is achieved and now the time to transition leadership happens. What happens when the founder, key sales person or personality retires?

Succession Can Mean the Difference Between Building a Great Legacy and Being Forgotten

Every organization, publicly or privately-held, is faced with the risk of losing key employees who are integral to the survival of the company. These individuals may be top executives, owners, shareholders or those who have expert knowledge of company processes and services. Businesses need to develop initiatives to prepare for employees who unexpectedly quit, move to a different position within the company, are terminated or fail to fulfill the role they were hired for in the organization.

“By creating a careful plan of action, your organization can ensure the least business disruption in the event that a key employee leaves.”

Eight Steps to Start Thinking About Succession Planning

The following activities are typically part of the succession planning process:

  1. Determining the roles and skills critical to the company’s growth
  2. Identifying key employees who could fill other roles in the event of a vacancy
  3. Identifying and understanding what employees filling those positions will need to effectively make the transition
  4. Starting to train backup employees on various roles to prepare them for a possible unexpected role shift
  5. Ensuring that all high-level employees recognize and understand their career paths and the roles that they are being trained to fill
  6. Identifying key employees in all areas of the business and working to ensure they are highly engaged and satisfied with their roles and the organization itself
  7. Understanding the time needed to backfill key roles
  8. Reviewing, evaluating and improving the succession planning process as role filling takes place

Losing a key employee can be devastating if you are not prepared. Succession planning can help ensure minimal interruption so that your business can continue as usual.

Material posted on this website is for informational purposes only and does not constitute a legal opinion or medical advice. Contact your legal representative or medical professional for information specific to your legal or medical needs.

Get Started

Let Your Aspirations Set the Agenda

Grow with who you know. Reach out to us today and start the conversation, so you’re better protected and prepared for what comes next.

Talk to an Advisor

man looking left