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Succession-Planning For Success

Succession planning can mean different things to different types of organizations. For a family business, it likely means grooming a son, daughter, niece or nephew to take over the company in the future. For a large multinational organization, it might mean the careful strategic bench-growing process necessary to ensure a strong manager is ready to take over when the current CEO retires.

While numerous factors can ultimately impact the success level of an organization's succession plan, a recent Harvard Business Review article specifically called out two interconnected elements that should be present.

  1. Understanding that developing bench strength is a critical leadership responsibility at every level. Far too often, managers heavily lean on HR partners to provide support and guidance, but it is the responsibility of leadership at every level to ensure the company is protected from the impact of attrition - natural or otherwise. As leadership becomes genuinely committed to building a strong bench, the company's succession plan can be effectively put in place.
  2. Ensuring an active development process is in place to prepare people for next-level jobs. A trap that many managers fall into is focusing performance management on correcting lackluster behavior. This can be a tool, however, to help subordinates identify career aspirations and build learning objectives into their work.

Whether you run a small family business or are on the board of a multinational conglomerate, it is critical that you focus significant attention on the future of your organization. Ensuring a comprehensive business succession plan is in place can mean the difference between a bright future and several unnecessarily complex decisions. It is important to discuss your options with a firm with a long history of business succession planning.

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Plunk Smith, PLLC
1701 Legacy Drive, Suite 2000
Frisco, TX 75034

Phone: 972-370-3333
Fax: 972-294-5274
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Plunk Smith, PLLC
Plunk Smith, PLLC