The Beringer Group Answers, "Do any potential successors align with the company's values and vision? Strengths? Weaknesses?"
Question #3 of the 6 Key Questions to Ask When Planning for Succession
Although passing the business to your next in line seems like an easy option, it might be worth it to consider other successors. Evaluating potential candidates is a great way to see if they uphold your company’s values. In addition, you can assess their strengths and weaknesses to decide if they would make a good fit. Maybe there is someone on your management team that has potential, and you can look into training them early. The earlier you start preparing them for the role the smoother and easier the transition will be.
You might find that hiring someone externally is a better option. A lot of business owners dismiss outside hires because they assume they do not know enough about the business to offer useful advice. External hires look at the business through a fresh set of eyes. They contribute a different perspective that you and other team members might have never considered. No matter who you decide to hire, make sure to assess all options thoroughly. You do not want your company to get off on the wrong foot because you didn't research all your potential successors.
Click here to find out more:
https://theberingergroup.com/news-and-insights/6-key-questions-to-ask-yourself-when-succession-planni ng
Many business owners are blinded by the illusion that “If my business is successful now, it always will be.” When business owners allow this illusion to cloud their judgment, they are only hurting themselves in the long run. Although your business may be thriving presently, have you considered the future? What about retirement age? Is potential competition outperforming you? Are technological advancements surpassing your capabilities? Questions like these demonstrate the importance of starting succession planning now.
The Beringer Group, one of AHTD’s newest Strategic Business Partners, is dedicated to ensuring you and your business are prepared for any challenges that come your way. As a new monthly series, the Beringer Group will guide AHTD’s members through the 6 Key Questions to Ask Yourself When Succession Planning. Check next month's AHTD newsletter for Question #4 If you can't wait reach out to us, we would be happy to have a conversation.
theberingergroup.com
Although passing the business to your next in line seems like an easy option, it might be worth it to consider other successors. Evaluating potential candidates is a great way to see if they uphold your company’s values. In addition, you can assess their strengths and weaknesses to decide if they would make a good fit. Maybe there is someone on your management team that has potential, and you can look into training them early. The earlier you start preparing them for the role the smoother and easier the transition will be.
You might find that hiring someone externally is a better option. A lot of business owners dismiss outside hires because they assume they do not know enough about the business to offer useful advice. External hires look at the business through a fresh set of eyes. They contribute a different perspective that you and other team members might have never considered. No matter who you decide to hire, make sure to assess all options thoroughly. You do not want your company to get off on the wrong foot because you didn't research all your potential successors.
Click here to find out more:
https://theberingergroup.com/news-and-insights/6-key-questions-to-ask-yourself-when-succession-planni ng
Many business owners are blinded by the illusion that “If my business is successful now, it always will be.” When business owners allow this illusion to cloud their judgment, they are only hurting themselves in the long run. Although your business may be thriving presently, have you considered the future? What about retirement age? Is potential competition outperforming you? Are technological advancements surpassing your capabilities? Questions like these demonstrate the importance of starting succession planning now.
The Beringer Group, one of AHTD’s newest Strategic Business Partners, is dedicated to ensuring you and your business are prepared for any challenges that come your way. As a new monthly series, the Beringer Group will guide AHTD’s members through the 6 Key Questions to Ask Yourself When Succession Planning. Check next month's AHTD newsletter for Question #4 If you can't wait reach out to us, we would be happy to have a conversation.
theberingergroup.com