Business Succession Planning Workshop in Los Angeles on Jun 24th, 2024 (2024)

Certificate: Course Completion Certificate

Language: English

Duration: 1 Day

Credits: 8

Refreshments: Snacks, Beverages and Lunch included in a classroom session

Course Delivery: Classroom

Course Overview:

Business Succession planning is all about being prepared. The loss of valuable leadership can cripple even the strongest of companies. Succession planning is an essential component to the survival and growth of any business. Whether it is grooming employees to become leaders, or preparing for an employee’s retirement, your participants will identify common obstacles and how to overcome them.

Our Business Succession Planning workshop will show you the differences between succession planning and mere replacement planning. How you prepare people to take on leadership responsibilities is just as important as hiring the right person for the job. Every company should have a form of succession planning in its portfolio.

Target Audience:

Anybody who is interested in learning Business Succession Planning

Learning Objectives:

In this course participants will:

  • Learn the importance of succession planning
  • Understand the process of succession planning
  • Recognise the importance of mentoring as a component of your plan
  • Learn to set goals using a SWOT analysis
  • Draft a plan, assign responsibilities and establish monitoring systems
  • Understand the importance of change management
  • Learn to anticipate obstacles
  • Know how to re-evaluate goals and focus on progress
  • Recognise when success has been achieved

Prerequisites:

None

Course Materials:

Students will receive a course manual with presentation slides and reference materials.

Technical Requirements:

For eBooks:

Internet for downloading the eBook

Laptop, tablet, Smartphone, eReader (No Kindle)

Adobe DRM supported software (e.g. Digital Editions, Bluefire Reader)

eBook download and activation instructions

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Business Succession Planning Workshop in Los Angeles on Jun 24th, 2024 (2024)

FAQs

Is succession planning worth it? ›

Even though organizations are often dissatisfied with the manner of its implementation, they cannot operate successfully without a well-developed succession plan. The key to a successful leadership management approach is to continuously engage and implement corporate succession planning and talent management.

What should a business succession plan include? ›

Key aspects to have in a business succession plan
  • Identify priority roles. ...
  • Define what is needed for each role. ...
  • Find possible succession candidates for each role. ...
  • Discuss career aspirations with your candidates. ...
  • Set an action plan for developing future candidates. ...
  • Estimate when transitions may occur.

Where do I start succession planning? ›

Begin the succession planning process by identifying qualifications that are essential to your company's success. This could include years of experience, qualifications or licenses, or other 'soft skills' that have an impact on company success (like customer relations abilities, for example).

What is succession planning 7 steps to success? ›

Succession planning is the process of identifying and developing key employees, ensuring there are always people on-hand to fill these roles in the face of employee shortages, resignations, or long-term absences. They also act as a tool for assessing your team and recognising areas for growth and development.

What are the disadvantages of succession planning? ›

The limitations of succession planning include the risk of overlooking external talent, over-reliance on a single plan, and potential bias in selecting successors. It may not address sudden changes and could result in individuals leaving the organization if they are not chosen as successors.

What is the most challenging issue in succession planning? ›

Choosing the wrong successor

Sometimes, succession is hampered by a bad selection. An insecure leader might choose a safe, unthreatening — and therefore less-qualified — successor. Or, a leader might make the wrong pick due to disengagement from the succession planning process.

Who is responsible for succession planning? ›

Strategic management and deployment of succession management practices is one of the most important responsibilities of the board and the CEO in ensuring both business continuity and stewardship of an organization for the future.

What percentage of business owners have a succession plan? ›

This can be a complex process involving choosing the right successor, whether from within the family, the company, or outside, and creating a transition plan that ensures continuity. And yet, only 34% of family-owned businesses have a clear succession plan in place, according to research from PwC.

How long should a succession plan take? ›

Although it may seem like a complex process, it doesn't have to be, especially if businesses and leaders are able to organize and plan ahead of time. The whole process can take anywhere between 12 to 36 months. In small companies, the owner alone may be responsible for succession planning.

What is another name for succession planning? ›

Succession planning, succession readiness, bench strength, and continuity planning are all synonyms for the same concept. Mainly, how ready are we to grow or to fill in gaps if we lose someone in the organization.

What does a good succession plan look like? ›

There are four critical steps in succession planning: Identification: Recognizing key positions critical to the organization's success. Assessment: Evaluating current employees for their potential to fill future roles. Development: Providing targeted training, mentorship, and experiences to prepare successors.

What is succession planning chart? ›

A succession planning chart is a visual designed to help you plan the succession of roles within your organization, so you can stay organized as a company and maintain effective long-term planning.

What is the first step in succession planning? ›

The first step in succession planning is to choose positions most in need of successors. Two factors to consider when prioritizing are the positions vulnerability and criticality. 1. First, determine which positions have no identifiable successor, these positions are most vulnerable to knowledge loss.

Is succession planning still relevant? ›

This strategy involves identifying vital business roles and creating a talent pipeline. The goal is to ensure a smooth transition when key leaders or employees leave. Succession planning is important for all businesses, of all sizes and industries, but it is especially true now.

What happens if you don't succession plan? ›

Failing to plan for leadership succession can have serious financial consequences for organizations. These direct costs can include expenses related to recruiting and training new leaders, lost productivity and revenue, and increased risk of legal liability.

Who benefits from succession planning? ›

Succession planning can help retain talented individuals as they are aware of internal opportunities to progress their careers. It's therefore central to the internal element of talent management programmes.

Why bother with succession planning? ›

Succession planning is like having a backup plan for the leadership baton. It involves identifying and developing individuals within your service who have the potential to take on key roles in the future. It's not about waiting for a crisis but ensuring a smooth transition whenever changes occur.

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