The Beringer Group Answers, “What skills and knowledge are required to keep the company running smoothly? How can I ensure a smooth transition of leadership?”
Question #4 of the 6 Key Questions to Ask When Planning for Succession
If you or another essential employee decides to leave the company, is there a certain skill set or industry knowledge you would be taking with you? If you do not plan ahead you will be leaving your successors in the dark. This is why it is necessary to assess where your company’s knowledge lives. Having a centralized location to store company information would be extremely beneficial when it comes time to part ways with the business. This way the right people have easy access to up-to-date information.
For instance, let’s say Dan is the CFO of a successful HVAC company, but it comes time for Dan to retire. Once the CFO position is filled, the new recruit cannot find any data on the company prior to their arrival so they have nothing to base their decisions on. If Dan had stored the company information in one centralized location, the new CFO would not have to waste time asking for help, allowing them to spend more time making educated decisions.
Click here to find out more.
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 #5
If you can't wait reach out to us, we would be happy to have a conversation.
theberingergroup.com
If you or another essential employee decides to leave the company, is there a certain skill set or industry knowledge you would be taking with you? If you do not plan ahead you will be leaving your successors in the dark. This is why it is necessary to assess where your company’s knowledge lives. Having a centralized location to store company information would be extremely beneficial when it comes time to part ways with the business. This way the right people have easy access to up-to-date information.
For instance, let’s say Dan is the CFO of a successful HVAC company, but it comes time for Dan to retire. Once the CFO position is filled, the new recruit cannot find any data on the company prior to their arrival so they have nothing to base their decisions on. If Dan had stored the company information in one centralized location, the new CFO would not have to waste time asking for help, allowing them to spend more time making educated decisions.
Click here to find out more.
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 #5
If you can't wait reach out to us, we would be happy to have a conversation.
theberingergroup.com