"Succession Planning: Small Business MUST!"

An alert from the Wall Street Journal today (p. B8), "Some companies will be left in the lurch as a wave of baby boomers retire." And, don’t let high unemployment levels lull you into a false sense of security. There is NO quick and dirty replacement for unique knowledge, polished communication skills and professionalism gained from years of experience. When your best employee retires, what do you do? Have a PLAN B – prepare to prevent disruption. Create a mini-succession plan. Big organizations do this as a rule and so should small business owners. That is, for each employee and position, have the answers to these questions: 1. How do I find a replacement? 2. Where do I find a replacement? 3. How long will it take to get a replacement? 4. Who can fill this position in an emergency? If your company has answers to these questions, then great! If you do not, begin the process and you are well on your way to keep the company up and running if any employee leaves for whatever reason. Just a tip – review your succession plan once a year to keep it up to date.

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Posted on Apr 18, 2012

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