Duration : 0:5:24

Technorati Tags: business, career planning, competency recruiting, high potential performers, human performance, human potential, human resource, human resource development, leadership, leadership commitment, on boarding, Organization development, performance appraisal, replacement planning, succession management, talent, talent management, top performers

Duration : 0:5:24

Technorati Tags: business, career planning, competency recruiting, high potential performers, human performance, human potential, human resource, human resource development, leadership, leadership commitment, on boarding, Organization development, performance appraisal, replacement planning, succession management, talent, talent management, top performers

If you run a successful business you may have wondered what you are going to do when the time comes for you to voluntarily or involuntarily retire – thus ensuring your business survives and flourishes. Succession planning is important if you want your business to continue after you are gone.

There are a few steps you can take to make the process easier.

(1.) It is never too early to start planning for retirement which includes planning for your business. One of the most important things you can do when you begin succession planning is to obtain an accurate valuation of your business and keep it updated.Knowing your businesses worth will protect your business in the event you must sell or pass it to your heirs unexpectedly. When the time comes for you to retire, already knowing the value of your business will make selling it (or passing it down to family) that much easier.

(2.) It is also important to identify who will be responsible for the succession of your business and to determine who has the skills to effectively run your business. The person you want as the new owner may not have the necessary skills to successfully run your business in which case you would have to assign someone else as the manager in charge of business operations. Remember to prepare your successor by providing training, hands-on experience, support and coaching. Tip: Hire a professional HR firm to handle this as it provides a good ‘arms length’ argument should you need one.

(3.) Because business succession impacts not only you and your successor, but your employees as well, it is important to address any concerns they may have during your planning. It is important to reassure employees their position with the company is safe, or if it will be changing it is important to be open and honest from the beginning. Remember open communication and transparency is key to company survival.

(4.) Even the best laid plans may not always work, so ensure you plan for contingencies – develop a ‘Plan B’. For instance, if you plan to leave your business to a family member, what happens if they are unable to inherit it because of death or decide they do not want to run the business?

You need time, careful thought and patience to work through a succession plan. Last piece of advise – consult with the appropriate experts with respect to your succession planning: your tax adviser/accountant, your banker, your Human Resources expert… they will help the company to not only to survive but thrive and you can ride into the sunset, guilt-free and comfortably!

ABOUT: Fernie Black is one of the founding partners at HR-Fusion, specializing in outsourced recruitment, selection and hiring. HR-Fusion works with clients on a retained basis. This dynamic Human Resources (HR) consulting firm focuses on strategic business and organizational development through HR delivery and training. The integrated team approach and ‘full service’ philosophy makes HR-Fusion a reliable resource and valuable business partner when you need professional HR support. HR-Fusion’s Hamilton, Ontario location is uniquely positioned to provide services to Brantford, Burlington, Oakville, and the surrounding Niagara region. HR requirements outside the immediate geographic area are handled through the HR-Fusion partner network and provides coast to coast coverage as required. Visit http://www.HR-Fusion.ca/HR_Articles for more articles like this… Article Source: http://EzineArticles.com/?expert=Fernie_Black

Technorati Tags: business, HR consulting, Human Resources, succession planning, succession planning decisions

Expert: Roger Groh
Contact: www.grohasset.com
Bio: Roger Groh is a personal asset manager, and the head of Groh Asset LLC.
Filmmaker: Bing Hu

Duration : 0:1:16

Technorati Tags: business, business ethics, business etiquette, business finance, Business Management, employees, investing, profit

Family business is a dominant feature of our society. Some of the largest enterprises and brands in the world are family managed businesses. Recent studies of family controlled firms on the CAC 40 and the S&P 500 have concluded that family firms continue to outperform non-family firms. At the same time, lack of family long term vision and proper governance has also destroyed the value of famous family-owned companies in different sectors.
The basic premise of a family business is that the family influences the business and the business environment influences the family. Consequently, strategic family business planning differs from the planning done in other businesses. Therefore a clear family vision for the future is the central component that will guarantee that both the family vision and the business vision are aligned to maximise future opportunities.

The Corporate Vision® Family Workshop has been designed specifically to assist families in the development of a long term sustainable Corporate Vision® that enhances the contribution and role of the family to the long term business strategy and company as a whole.

Duration : 0:0:57

Technorati Tags: business, Corporate Vision, Corporate Vision strategists, Family business, strategy