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10 Pillars of Succession

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Tue Mar 26 2013

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(From Talent Management)—When the organization was founded in 2005, members of the International Succession Planning Association put together a list of the 10 major tenets of succession planning, said founding member Dan Schneider, a partner at succession planning company The Rawls Group.

The list applies to individuals ranging from those involved in small family-owned businesses to those at Fortune 500 companies. Its purpose was to explain the subtleties and nuances involved in the often ill-executed practice of succession planning.

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Companies can review the list and check things off to make sure each is included in their succession plan.

1. Involvement of owner or majority stock holder: What is the business owner’s stake in the next generation of leadership? How will the owner want to be involved in the succession process?

2. Financial planning: How does the next generation of leaders match with the company’s future financial goals?

3. Business structure: How is the business structured today? Are there plans to change that in the future?

Read more.

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