Successi
on planning is the process of identifying and committing to developing key internal people in your company for a leadership position. With many printing companies, this is unfortunately a process that’s ignored, and one that’s critical for any owner considering retirement or even selling a printing business.
Why is succession planning so critical to any printing owner?
- Succession planning will allow for a smooth transition for your company, providing the stability necessary to continue profitable growth. If you’re retiring, chances are good that some of your retirement package will be tied to the company’s success, so you want to leave it in great shape. If you sell the business, a new investor will value quality people at the helm to ensure growth.
- Succession planning identifies and provides the means to develop new leaders. Finding the leadership team and ensuring they’re properly trained is critical for a successful succession plan – definitely not something that can wait until the last minute.
- Succession planning provides your current staff with development goals, and encourages greater participation in strategic thinking. The most productive staff is one that feels part of a growing enterprise. Succession planning can provide career goals for your key staff, improving retention of your top talent.
No matter what your long-term plans are for your printing business, succession planning will be a part of the picture in some way. Rock LaManna’s executive coaching incorporates it as a key strategic element.
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