Management Succession Planning is a Critical Part of a Business Exit Strategy
On this episode of the Inside BS Show, Nicola Gelormino and Dave Lorenzo discuss the difference between exit planning and management succession planning. They highlight the benefits of management succession planning, such as employee advancement and the open transfer of knowledge. They emphasize the importance of having a clear career path for employees and developing and implementing succession and knowledge transfer plans. They also mention the value of having a management succession plan in place when selling a company.
The four steps for creating a management succession plan are identified as: 1). Identifying key areas and positions, 2). Highlighting talent and capability for each position, 3). Identifying career paths and the people who can follow them, and 4). Developing and implementing succession and knowledge transfer plans.
The four steps for creating a management succession plan are identified as: 1). Identifying key areas and positions, 2). Highlighting talent and capability for each position, 3). Identifying career paths and the people who can follow them, and 4). Developing and implementing succession and knowledge transfer plans.