Succession Planning Services

Succession planning is a process for identifying and developing internal people with the potential to fill key business leadership positions in the company. Succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they become available

There are three types of succession planning that businesses use

• Designated Replacement
• Target Date Replacement
• Situational Replacement

A good Succession Plan identifies, trains, and develops key internal employees that can fill leadership positions in the future. This gives the company confidence that a capable and highly competent individual is available to assume leadership roles when the need presents itself and can help to ensure no competitor can take over.

Benefits of a good succession plan

• Continued confidence with employees and creditors
• Willing buyer and guaranteed sale price
• Knowing your dream will continue after your retirement
• Being able to retire with confidence

While it is easier to delay this process, it is a wise decision to always be prepared for the unexpected. Smart planning can prove to be beneficial especially during a time when your business is growing fast and steady. Choosing the type of succession planning depends on a lot of factors therefore needing professional advice. We are here to help you understand the how’s and why’s of succession planning so your business continues with the vision you created the day you started it.

Innovative Financial Group has more than a decade of experience assisting business owners answer this question, “How well are you planned and how can you tell?”.  Contact us today to get a complimentary conversation to strive for a brighter tomorrow!