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Succession Planning

Exit strategies help streamline the process when owners and key employees decide to leave, sell or retire to ensure a successful transition to new ownership.

How it works:

CONNSTEP offers Succession Planning workshops in either half-day or full day sessions. We review a variety of exit strategies with you and the advantages and disadvantages of each one.

A first level Succession Action Plan is developed in collaboration with you and follow-up meetings are scheduled to ensure accountability to the plan. Part of the process includes the drafting of Current and Future state organizational charts.

Challenges it addresses:

Succession planning is suited for owners and key employees planning to exit, step down, sell, or retire from the business. It is also applicable for manufacturers who:

  • have an aging workforce and no plan in place to replace them
  • are unprepared if key people with significant business or “tribal” knowledge left the business and took that knowledge with them
  • lack organizational development plans for underperforming employees
  • have employees seeking dedicated career paths or opportunities to grow and develop

Impact & Benefits:

  • Improve leader confidence because there is a solid plan for the future
  • Reduce vulnerabilities due to pending retirements
  • Development plans for bringing underperformers up to speed
  • Development plans for high potential employees to maximize and retain them
  • Rightsizing and restructuring the organization to maximize effectiveness and opportunity
  • Ownership can comfortably retire, sell or transfer the business

Discover how CONNSTEP can help grow your business.