SUCCESSION PLANNING

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Succession Planning

Unlike estate planning, which focuses on personal assets , succession planning has to do with business continuity. As people age or move on to other opportunities, they'll leave your business , and voids they leave behind need to be filled if the business is to keep going. Succession planning aims to make sure those voids are filled when the time comes. 

Key Takeaways

  • Succession planning is a business strategy for passing leadership roles on to one or more other employees.
  • The strategy is used to ensure that businesses run smoothly after employees retire and leave the company.
  • Succession planning involves cross-training employees to help them develop skills, knowledge, and an understanding of the business.
  • Plans can be long-term, which are meant to account for future changes, or for emergencies whenever anything unexpected arises.
  • There are many benefits to succession planning, including inclusivity if companies have a strong plan to diversify their workforce.