Sample Business Succession Plan

Professionals in the field, including academics, consultants and corporate practitioners, have many strongly-held views on the topic. There are many thought-pieces on the subject that readers may find valuable, such as "Debunking 10 Top Talent Management Myths", Talent Management Magazine, Doris Sims, December 2009. The Corporate Leadership Council, The Best Practice Institute (BPI) and the Center for Creative Leadership, as well as the Human Resources Planning Society, are sources of some effective research-based materials.Over the years, organizations have changed their approach to succession planning.The survey also found that Small and medium-sized enterprises (SMEs) are not adequately prepared for their business succession: only 10% of owners have a formal, written succession plan; 38% have an informal, unwritten plan; and the remaining 52% do not have any succession plan at all.

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Succession planning is a process for identifying and developing new leaders who can replace old leaders when they leave, retire or die.

Succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they become available.

The CIBC estimated that by 2010, $1.2 trillion in business assets would be poised to change hands.

"Bench strength", as it is commonly called, remains a stubborn problem in many if not most companies.

Studies indicate that companies that report the greatest gains from succession planning feature high ownership by the CEO and high degrees of engagement among the larger leadership team.

Companies well known for their succession planning and executive-talent development practices include: General Electric, Honeywell, IBM, Marriott, Microsoft, Pepsi and Procter & Gamble.

Assessment is a key practice in effective succession-planning.

There is no widely accepted formula for evaluating the future potential of leaders, but many tools and approaches continue to be used today, ranging from personality and cognitive testing to team-based interviewing and simulations and other Assessment centre methods.

What used to be a rigid, confidential process of hand-picking executives to be company successors is now becoming a more fluid, transparent practice that identifies high-potential leaders and incorporates development programs preparing them for top positions.

According to the company PEMCO, "talent management is defined as the activities and processes throughout the employee life cycle: recruiting and hiring, Onboarding, training, professional development, performance management, workforce planning, leadership development, career development, cross-functional work assignments, succession planning, and the employee exit process".

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