Do you know what goes on a business succession plan?

On Behalf of | Mar 11, 2020 | Business Succession Planning | 0 comments

You put several decades of work into growing your business in Illinois, and now it is time for you to pass it on to someone else, maybe someone in your family or a trusted manager. You need a successor plan, but you have never made one before.

To give you a lay of the land, Chron offers a checklist. Do everything you can to leave your business in the very best of hands.

Make note of all positions to fill

You may not be the only person leaving. Write down all the positions you expect to become vacant in the next five years or so. Also, write in-depth descriptions of all the duties those positions entail, as responsibilities could shift in ways successors do not anticipate. Note if there is a specific level of experience or education level necessary for all roles.

Name your successor(s)

Write down each successor candidate and which role you expect that person to fill. Be sure to consult with managers, supervisors and employees to see if they agree with your choices. Remember, these individuals will work with your successor; you want everyone to get along.

Compare and contrast

Once you have a list of potential successors, compare it with the list of duties and education/experience requirements you made for vacant roles.

Create a development plan

Are your candidates over- or underqualified? Can you help them get to the experience or education level necessary to fill a role? Map out a detailed development plan to better ensure your candidates are fully ready to fill a vacant role when the time comes.

This information is only intended to educate and should not be interpreted as legal advice.