Critical Success Factors
The succession process entails various risks, so bear the following success factors in mind.
There are a number of dangers in the succession process that might be insignificant in one case - but in another, they could spell the end of your plans. We have identified eight individual aspects that are relevant here.
Eight Success Factors in the Succession Process
- Manage your succession planning as a project, and define the participants, goals, roles, guidelines and a timeline.
- At an early stage, clarify the expectations of the stakeholders and the power that they wield.
- Take steps to ensure that your company can cope with a succession: Analyze its capital structure, and define organizational rules in writing.
- Carefully analyze your precise requirements for advice and only when you have done this, select a partner who can definitely meet your needs.
- Always review several different succession options, and consider the benefits and drawbacks of each one.
- Give consideration to all the legal aspects, such as the requirements stipulated by inheritance law.
- Create financial transparency to give you an objective basis for making decisions with your successor during the handover phase.
- Take early action to plan your personal future outside of the company.
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