• 3 Steps To Avoid The #1 Reason Most Succession Plans Fail
  • March 7, 2017
  • Law Firm: McDonald Hopkins LLC - Cleveland Office
  • If you have done any work or invested any time in creating and developing a succession plan, you know that the task is extremely complex and requires more than just having a plan.

    Time and time again, I have gone into companies to discover that they have spent tens of thousands of dollars and a boat load of time to create and develop a plan that basically just sat on a shelf.

    The most common reason is failure to implement that plan. Implementation, whether it be for succession planning or the roll out of new software, is often the Achilles’ heel that often does not get the attention, planning or required resources to ensure success.

    Things get further complicated when you are juggling multiple experts and consultants, and trying to address internal and personal objectives while your customers are calling - guess what gets the priority?

    To address these issues and ensure success, we have found the following three steps to be most effective:
    1. Raise the importance of the implementation phase early on in the planning process
    2. Without bias, evaluate your internal staff to make sure they have the skills, knowledge and, most importantly, the time to implement, manage and oversee this complex process
    3. Consider bringing in a third party who can manage and oversee everything on your behalf with one simple objective ¿ to get it done
    The best time to start your succession planning is yesterday, so stop wasting time!