Business succession planning is a long term process and a crucial aspect of ensuring that a business will continue to grow and develop. This type of plan is typical for small business companies in the US and other highly-developed countries. And although the small businesses make up the most significant portion in the US economy, formal business succession planning remains a difficult problem to address. According to The US Small Business Administration, practically 70% of the small business owners have failed to successfully transfer their firms to their successors because they lack a real business succession plan. Hence, this article will give you the right tools to develop a good succession plan for your business. Provided below are the templates and a step-by-step guide you’ll need in the process. Consider exploring this post and take whatever it is that could help you carry out the plan effectively.
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10+ Business Succession Plan Templates in Google Docs | Word | Pages | PDF
1. Business Plan Template
A business plan helps a planner to develop a strategy necessary to onboard a business or develop a succession plan. Either way, this Business Plan Template can be helpful in ways you never know it surely will. You can edit this template anytime today using Google Docs, MS Word, and Apple Pages. So don’t just allow it to slip through your hands. Download the template immediately!
2. Simple Business Plan Template
Too often, a Simple Business Plan Template can do so much in helping you create a well-layout business succession plan. For one, it aids you to layout the strategy, list the steps, and analyze the process. Also, it can help you organize and put everything into writing so you can still review the plan anytime you need it. Of course, it only starts with you as you secure a copy of this simple business plan template now.
3. Bar Business Plan Template
Running a bar business is as complicated as handling a restaurant enterprise. It requires a different level of approach, and so a business succession plan for your bar business. With this Bar Business Plan Template, it would be now easy for you to draft the necessary procedures to transfer your business to your successor successfully. You may download and edit it now using MS Word and Apple Pages file formats. What are you still staring at your screen? Download now!
4. Business Continuity Plan Template
Your plan to continue your business may require a template like this Business Continuity Plan Template to efficiently and effectively strategize the necessary plan of action. This model has already had the content and a layout that you can use as-is or modify to more appropriate and relevant information. By using MS Word and Pages file formats, the editing process is now a trouble-free activity. Aren’t you interested, are you? Well, you can download this printable plan template right there and then!
5. Construction Business Plan Template
Get to draft a detailed business plan for your construction business with the help of this Construction Business Plan Template. Edit it with ease using MS Word and Pages, and use the preformatted content and a layout to your advantage. The template is also readily available in A4 and US print sizes, perfect for commercial as well as personal printing. Download now!
6. Free Succession Planning Organizational Chart Template
For a successful business succession plan, one has to get access to this Free Succession Planning Organizational Chart Template. This template can help the business owners to develop a well-detailed succession plan necessary for the firm to thrive and survive. If you’re one of them, you need to download this template for the benefits of your business. Download it now for free!
7. Free Employee Succession Planning Organizational Chart Template
To help you decide of the right people who will compete and participate in a fair selection process, you can use this Free Employee Succession Planning Organizational Chart Template that is readily made available in MS Word file format. Make sure to input the right names and the positions accordingly and accurately. It can save you a lot from the hassle of making a succession planning organizational chart from scratch. So, make haste and download it right now!
8. Free Corporate Succession Planning Organizational Chart Template
This Free Corporate Succession Planning Organizational Chart Template can help you identify the potential successors to your business. You can make use of the design and the layout as you download this organizational chart template today. You only have to register the names using the MS Word file format. Hurry and grab it right away!
9. Free Talent Management and Succession Planning Organizational Chart Template
Use this Free Talent Management and Succession Planning Organizational Chart Template today and get to personalize it in MS Word file format easily. Admittedly, this template can help you develop a plan you need to look for the right successor for the business that you are running today. So, don’t miss this chance. Download it immediately for free!
10. Sample Succession Plan
If you’re looking for a sample business succession plan to guide you in developing a succession plan and outline the plan better, then this Sample Succession Plan is what you need to download. You have full access to this file in a portable document format (PDF) anytime you download it. What are you waiting for? Grab it right now!
A set of tools or resources is quite a need nowadays to help you develop a business succession plan. With this Succession Planning Toolkit, you will be able to come up with a holistic process of choosing the right successor for your business. This file is available in a portable document format (PDF) that you can download without costing you any amount of money. So, make haste and secure a copy sample plan now!
5 Steps to Develop a Business Succession Plan
Step 1: Know Your Goal
Knowing our goals is usually the key to a more efficient decision-making strategy. If you want your business company to continue and grow in line with the vision that you have for it, then you need to ensure that you know precisely why you are doing this – drafting and developing a business succession plan document. So ask yourself of the goals of the succession plan that you are trying to write and make them clear to you.
Step 2: Take Charge With an Open Mind
This step requires you to be proactive with your succession planning. Take charge of all the decisions that you are going to make vis-a-vis, who will be the next promising successor of your business. But always remember that although the second in command could be the potential successor, take the process with an open mind by giving those employees who display the necessary skills to qualify for the higher position an equal chance to compete, regardless of their current titles.
Step 3: Put Transparency & Confidentiality On an Equal Footing
It is of great importance that you make your business succession plan to be known to anyone in the company. However, it often incorporates sensitive issues that should remain confidential at all costs. So, assess if the information is worth to share or worth to keep for yourself only. You can make use of our ready-made checklist template to help you carry out this particular task. You have to learn to balance transparency with confidentiality.
Step 4: Develop a Formal and Fair Selection Process
Developing a formal and fair selection process is part and parcel of a good business succession plan. Make sure to train the promising candidates and allow them to participate in a fair process. You can do so much when you also create a good training plan, along with your business succession planning, to help you evaluate their skills.
Step 5: Make a Consistent Assessment
Since succession planning is a long term process, you need to consider reviewing the company plan from time to time. Of course, you don’t want to wait for a crucial circumstance to push you to act accordingly. A few changes may occur at any time, and you need to take into account the risk you’re going to consider if you’ll only leave it all behind. So, make the necessary assessment once every month or every three months.