A succession business plan is defined as a process for identifying and developing internal individuals within an organization that have the potential to fill key business positions of leadership. The goal of succession planning is to enable an organization to continue in their efforts of conducting business even in the occurrence of a key leader’s departure ? whether it is planned or unplanned.
Set your Plan in Motion with NJMEP
NJMEP understands the complexity of helping manufacturers create a succession plan. This is especially important for navigating the challenges associated with family-owned businesses. We have experience with the following:
- Choosing a Successor: Select experienced and capable successors that are equipped to take on these important roles as they become available.
- Consumer Regards: Ensure your organization is readily prepared to meet customer needs and continue normal operations and procedures on all functional levels including engineering, marketing, purchasing, human resources, supply chain, commercial, logistics, etc.
- Employee Satisfaction: Put a plan in place that will allow employees to adjust organically to the new leadership and transition with ease, while maintaining their level of satisfaction, productivity, and motivation.
- Financial Aspects: Evaluate the variables and determine the right agreement to allow for a proper settlement and timely retirement.
Whether they are planned or not, retirements and departures can have a significant impact on the future of a business. With NJMEP’s assistance, you will ensure that your organization has an effective transition process.