Succession Planning – Part I
April 3rd, 2015 by Mary Kay Hyde-Bohn
What is Succession Planning – Part I
Succession planning is not just a term for ‘end of life’ planning.
It’s the planning of moving your employees through team leadership, management and into organizational leadership.
Let’s tackle the ‘end of life planning’, or rather the ‘end of the organizational relationship’ planning first. You or someone from your key leadership may leave – its life!
What to do and how to do the transition will be important to the stability inside the organization and to the public.
- Determine who the key owner/partners are – typically they have a partnership agreement – then ask them to get a current will written and to include mention of the organization.
- Have organization lawyer update the partnership agreements to include mention of will by name of individual (and lawyer’s name).
- Partnership agreement should also include mention of divorce, buyout, abandonment or going to work for a competitor.
- Everyone should have a backup that is cross-trained to handle daily tasks until the position is filled.
- Have Communication or Marketing team draft statements to have ready for several situations.
- Have the same team make a list of who to communicate this change and which media to use.
- The HR team should have a list of tasks that need to be done from records to email or social media accounts.
Stay tuned for Part II …