Succession Planning for a Legacy Business: The Future Depends On It

Objective

The objective was to create a robust succession plan that would ensure the long-term success of the business. The plan needed to identify key positions and individuals, assess their readiness for future roles, and develop strategies to bridge any skill gaps. The plan also aimed to create a clear path for career development and advancement within the organization.

Mission

To achieve the objective, the mission was to establish a succession planning committee consisting of representatives from different departments, including HR, finance, and operations. The committee was responsible for identifying key positions and individuals, assessing their readiness for future roles, and developing strategies to bridge any skill gaps. The committee also worked closely with the founders of the business to ensure their vision and values were integrated into the plan.

This led to a new asset development: the employee promo packet. An employee promo packet, also known as a promotion packet, included a set of documents and materials provided to employees who were being considered for a promotion within their company. The contents of the packet varied depending on the company and the position being applied for, but generally included information about the new roles,  responsibilities and expectations associated with them, and the qualifications and skills required to succeed in the next position.

Results & Impact

As a result of the succession planning initiative, the organization was able to identify and develop a pool of talented individuals who could take on leadership roles in the future. The plan also allowed the business to retain valuable institutional knowledge by ensuring a smooth transition of responsibilities from retiring employees to their successors. The career development and advancement paths established through the plan increased employee engagement and retention rates. The clear succession plan also provided a sense of security and stability for employees, which in turn improved overall productivity and performance. The business was able to sustain its growth and continue to operate as a family-owned enterprise.