Some points and issues for consideration that could facilitate the succession of your business.

You could use list this as a regular check up tool to assess the general health of your business:

1.  have you identified the company’s key performance indicators (KPI’s), http://successinsuccession.wordpress.com/2011/03/13/succession-key-performance-indicators/

2. what are the benchmarks for your KPI’s

3. have you identified the key operational components of your business?

4. if yes to (3), then have you documented these key operational parts of your business?  Write it down.

5. who are your key employees. Have you defined clear job descriptions?  or have you considered the roles and compensation for your key employees as part of your succession strategy?

6. have you developed an incentive system (both financial and otherwise) that would keep these key employees engaged in the business.  Are there goals and objectives congruent with the company’s succession strategy?

7. what is the company’s mission

8. what are the major 2-3 risks facing the business in the next 5 years

9. where do you see yourself, your family and the company 20 years from now, each may be mutually exclusive

These ideas and topic areas hopefully provoke some thoughts and a call to action.

Learn, consider, apply!!