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Essential Strategies for Succession Planning: Navigating the Transition

As the moment you’ve been planning for approaches, it’s natural to feel anxiety and trepidation, but having a comprehensive plan in place will keep you organized and motivated throughout the business transition. Here are some of the steps you should take during the transition to keep your company on track!

Check in With Your Attorney

While you should talk to your attorney throughout the process, this is where their expertise is vital to ensure a smooth handoff. Have them draft a contract that outlines your responsibilities throughout the transition, and when tasks should be passed off to the new owners.

Meet with New Employees to Communicate Your Brand

To ensure that everyone is onboarded efficiently and will maintain the standards of your brand, schedule a meeting or two to educate your team about the branding and company values. Setting these expectations early will emphasize the tone of the company and prevent any future inconsistencies, so don’t skip out on this vital step!

Communicate Clearly with Existing Clients

While you may have already discussed the transition with your existing clients, reach out to them again to confirm that the transition is underway and outline the timeline. Give them plenty of time to discuss potential changes and express any concerns they may have. I recommend that you send official notifications via snail mail and email.  You may want to also schedule a conference call with your top clients to give personalized attention, introduce them to the new team to further support a successful transition.

Establish a Consulting Timeline

If you plan on staying on to assist after the transition, work with the new owners to outline your responsibilities and time commitment. Having these parameters in place will help you manage expectations while still guiding your team towards success. In your agreement, outline the number of hours you’d prefer to work each week, the days you will typically be available for consultation, and whether you want a trusted team member to monitor your emails to bring urgent items to everyone’s attention. Reviewing your personal preferences ensures everyone is on the same page moving forward!

As you complete the succession planning transition for your company, it is essential to outline your next steps and set expectations for the future. Creating this roadmap and including the new owners in on your game plan ensures a smooth transition for all parties involved, including your valued clients!

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