What is Succession Planning?
Succession planning is a vital part of the talent management lifecycle, designed to secure a company’s long-term success and continuity. It focuses on identifying critical roles essential to business operations and preparing high-potential internal candidates to step into these positions when needed. A well-structured succession development plan serves as a proactive approach to managing the future transfer of leadership and ownership—whether to support growth, facilitate an exit, or prepare for retirement.
What is Exit Planning?
Exit planning is the strategic process a business owner follows to prepare for their departure from the company. It acts as a roadmap for transitioning out of the business while maintaining continuity and operational efficiency. A well-executed exit plan helps preserve the value of the business and ensures a smooth and successful handover to new leadership or ownership.
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Exit Routes explained
Exit Planning and Succession Planning
Exit planning often goes hand in hand with succession planning, which is centred on identifying and developing future leaders within the organization. While succession planning ensures continuity in leadership, exit planning addresses the broader transition of ownership and the owner’s role in the business. The two are closely intertwined. Without a solid succession plan, an exit strategy may lack the stability and foresight required for long-term success.
Together, these strategies are essential for futureproofing a business, enabling both leadership and ownership transitions to be handled smoothly, strategically, and with minimal disruption.
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