Speaker Kaye Mitchell stresses the concept of beginning with the end in mind. A succession plan is more than just an exit strategy, it is a comprehensive narrative that will allow the fulfillment of any project should a key individual, element, tool or piece of equipment become unavailable to complete the contract.
Learn how your succession plan will put the systems in place to assure all will go smoothly when you are not able or desiring to be involved as the daily key controlling individual/factor of your business. Such a plan will allow a business owner to be in a position to have a substitute when any element is not functional to fulfill a large contract for either the government or the private sector.
A valid succession plan must be in writing. Many small business owners think they have a plan because they have thought one through in their heads. This will be of no value if the owner is unable to communicate it effectively. Everyone in the business or on a project has to know what the plan is and be on board with all of the elements so that it can be executed smoothly when the need arises.
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