Succession planning for business owners diagram. This is one of the top business frameworks helping clients improve on their approach to strategy, project management, IT, HR, internal processes and client experience.See below image for the Succession planning for business owners diagram. An Owner’s Guide to Business Succession Planningis designed to assist owners of small and medium- sized businesses as they begin to plan for ownership and management succession.
A succession plan confronts these challenges head on. In summary: A good succession plan will 1) meet the needs and goals of the business owner; and 2) meet the needs of the other important stakeholders in the business.
The longer owners wait to design and implement a succession plan, the greater the risk that the plan will not meet their goals. The risks also increase that the business will business will fail along with the health of the owner. 3) Options The longer succession planning is delayed, the fewer options owners have to meet their goals.