Family Business Succession Planning Strategies

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 Cognitive Process Profile (CPP) psychometric is an example of a tool used in succession planning to measure candidates' ability to manage complexity according to Jaques' definition.

Companies struggle to find practices that are effective and practical.

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.

Thought should be given to the retention of key employees, and the consequences that the departure of key employees may have on the business.

Fundamental to the succession-management process is an underlying philosophy that argues that top talent in the corporation must be managed for the greater good of the enterprise.

Vacancies are anticipated and slates of names are prepared based on highest potential and readiness for job moves.

Organization realignments are viewed as critical windows-of-opportunity to utilize development moves that will serve the greater good of the enterprise.

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