A Vision for the Next Generation
Develop talent now for a
successful future
While
incentives such as bonuses and profit sharing are important, recognizing
achievements and building self-esteem are priceless.
Some
business owners procrastinate or avoid communicating their succession
plans because they fear how family members and employees might react.
However, their silence may actually create more stress and cause harm to
the business. Most employees—including family members—will feel more
secure about the future if they know what to expect and how they will fit
in.
It’s never
too late to develop a business succession plan. But the earlier you start,
the better. Estate planning experts agree that long-term plans to transfer
businesses are generally much more successful than those “patched
together” following the unexpected death or disability of an owner.
Business succession actually
begins with each employee’s first day on the job.
Think about
it, whether he or she is one of your children or a high school student
working part-time, that young person could someday be the head of the
company.
Experts
agree—succession planning includes creating an environment that motivates
employees to use their talents and skills to reach their full potential
and contribute to the success of the business. Sounds simple, but how do
you accomplish it?
Perhaps a
mentor program or an apprenticeship is a good start. Talented young people
are more likely to stay with the company if they feel involved in
something bigger than their own job. It is wise to provide opportunities
by matching experienced workers with newer employees to guide them as they
grow in their jobs.
As employees
gain experience, they become assets to your business and their value
increases. Providing key employees opportunities to gain well-rounded
business experience through cross-functional training and experience is
admirable. This no doubt helps them become dependable managers who can
make good decisions and take initiatives to improve operations.
