Three Keys to Effective Succession Planning
Whether you plan to sell the business or pass it on to a family member, you want to be proactive to ensure the business will survive and thrive in your absence.
Keep in mind there may not be just one person who takes on your role; it may involve several people.
Continually measure potential future leaders.
Use developmental tools to support your talent
Involve your talent in your planning
Succession planning can be challenging, but the experienced professionals at Tennessee Valley Group, Inc. can help you get the process started.
FREE Training: 3 Keys To Sell Your Business With Confidence >
Lorem Ipsum
- Continually measure potential future leaders. Look for performance on the three C’s—competence, connection, and culture. Does this potential leader’s style and ideals mesh with what you want for the future of your company? How do they connect with the other members of your team? Having leadership that shares your vision is extremely important.
- Use developmental tools to support your talent. Start grooming your key employees. Give them projects and assignments that challenge them and encourage their professional growth. Trust them to take the reigns of certain aspects of the business. This will help them build experience which can be extremely valuable down the road. You will soon see who can and can’t deliver in your absence.
- Involve your talent in your planning. Let your key employees know you have long-term plans for their professional growth. You want to make sure they are interested in assuming more responsibility.
Tennessee Valley Group
Jim is an attorney (non-resident status with the Missouri Bar) and though he no longer practices law, he has read and negotiated enough legal documents to fill a cargo tanker. He has an MBA from Harvard Business School and knows how Wall Street and private equity operates. Jim is a Tennessee Supreme Court Rule 31 listed general civil mediator with tons of experience helping business owners (large and small) work through sensitive problems to achieve winning results. He is the author of "Home Run, A Pro's Guide to Selling Your Business, Seven Principles to Make Your Company Irresistible."
Social Media
Print
Email
Click Here
Click Here
The Pursuit of Value: 10 Tips to Help You Maximize Your Company’s Worth
Click Here
Click Here
If you are planning to sell your business, you want to maximize your company’s value so the eventual sale is for a market-favorable price and the best terms.
A Confident Business Seller…
Enjoy the fruits
Of your labor
Avoid life-long
Second guessing
Ensure What’s Best For
Your Employees & Customers
Site by The Digital WOW Powered by Consult PR 2026