Loyd Rawls

What are the Critical Issues Impacting Succession? (Part II)
July 25, 2007

My last posting focused on the first 5 interdependent factors of the Succession Matrix_sm. Understanding the issues that impact achieving Succession Success_sm will help you to identify and address the issues impacting the succession of your business. If you missed my last posting and would like further explanation on the first 5 critical factors, I would like to invite you to visit the prequel:  What are the Critical Issues Impacting Succession? (Part I)

1. Leadership and Management Continuity addresses the reality that the succession of a business is dependent upon identifying, motivating and retaining the leaders and managers who provide critical mission competencies.

2. Successor Identification and Preparation addresses the challenge of identifying a family member, partner or key manager that has the capacity and commitment to build the competencies critical to fulfill the succession strategy.   

3. Management Synergy and Teamwork addresses the reality that business succession is dependent upon the collaboration of talented, motivated people who have subordinated individual agendas for a common goal – “Perpetuating the business through the next generation.”

4. Family Dynamics addresses dysfunctional family relationships that are important to the continuity of the business and the harmony of the family.   

5. Family Governance establishes the organizational structures, operating policies and accountability processes within the family that supports the leadership critical to successfully achieve a long term challenging goal.

For more information, refer to the Succession Planning Assessment™ (SPA™) developed by the International Succession Planning Association™ (ISPA™). This innovative succession planning resource provides education on these ten criteria for Succession Success_sm as well as a relative assessment of the combined interdependent issues listed above.  

Posted by Loyd Rawls on July 25, 2007 | Comments (0)