SUCCESSION
As retirement approaches for you or key employees, we can take you through the steps you'll need for a smooth succession.
To prepare your company for planned and/or unplanned succession, you should prepare legally and financially, but you should also identify people who fit your culture and can continue (and even improve!) your organization’s work. Maybe you’re planning to avoid those challenges and sell your organization to a larger or growing firm. Did you realize the most important concern for your potential buyer is the quality of your management team? One way or another, a succession plan deals with building and retaining the next generation of management. That’s STM’s specialty.Our Process
- The People Side of Succession
STM solves your people challenges. Our process begins with an assessment of your current and potential next generation management teams to establish a benchmark and to evaluate leadership strengths and weaknesses. - Finding the Diamond in the Rough
STM helps identify employees who will be great leaders. Individual assessments may reveal hidden natural leadership talent on your team that you didn’t even know was there, and conversely reveal those who should not be placed in leadership. - Filling Gaps in the Org Chart
STM helps with the planning, coaching, and/or recruiting of key staff. Next generation managers may require a little coaching and development, or you may need to hire seasoned staff to take up the reins of leadership. - Peace of Mind
STM is your partner for the long term. Once you exit the business you want to know it’s in good hands, operating smoothly, and able to withstand the storms that inevitably blow through our economy. We continue to work with your new management team so you can enjoy your retirement.
Succession isn’t just about legalities and finances. It’s about people, and it’s highly personal. Bring in the lawyers and accountants to do it right, but bring in STM to make it work. Call STM today to plan your succession.
Answer the following statements with yes, no, or I don’t know:
- We have a succession plan for each manager.
- We have a succession plan for every key position.
- We have written job descriptions for each position.
- We have development plans for every employee.
- Every development plan is tied to our performance management process.
If you answered no or I don’t know to 2 or more questions, we can help.
Speak with someone at Strategic Talent Management
Learn how help you with the steps you’ll need to take to create a successful succession.