Company Succession Critical Success Factors

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

1. Manage your succession planning as a project, and define the participants, goals, roles, guidelines and a timeline.
2. At an early stage, clarify the expectations of the stakeholders and the power that they wield.
3. Take steps to ensure that your company can cope with a succession: Analyze its capital structure, and define organizational rules in writing.
4. Carefully analyze your precise requirements for advice and only when you have done this, select a partner who can definitely meet your needs.
5. Always review several different succession options, and consider the benefits and drawbacks of each one.
6. Give consideration to all the legal aspects, such as the requirements stipulated by inheritance law.
7. Create financial transparency to give you an objective basis for making decisions with your successor during the handover phase.
8. Take early action to plan your personal future outside of the company.

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