Practical Business Succession Planning

Course Description:

The loss of valuable leadership can cripple a company. Business succession planning is essentially preparing successors to take on vital leadership roles when the need arises. Whether it is preparing someone to take over as the sole proprietor of a small business or a position of leadership in a corporation, business succession planning is essential to the long-term survival of a company. This course will teach you the difference between succession planning and mere replacement planning and how to prepare people to take on the responsibilities of leadership so that the company thrives in the transition.

Research has consistently demonstrated that when clear goals are associated with learning, it occurs more easily and rapidly. At the end of this course, you should be able to:

  • Define business succession planning and its role in your company.
  • Lay the groundwork to develop a succession plan.
  • The importance of mentorship.
  • Define and use a SWOT analysis to set goals.
  • Create a plan, assign roles, and execute the plan.
  • Communicate to develop support and manage change.
  • Anticipate obstacles, and evaluate and adapt goals and plans.
  • Characterize success.

Succession Planning Vs. Replacement Planning

  • What is Business Succession Planning?
  • What Is Replacement Planning?
  • Differences Between
  • Deciding What You Need
  • Case Study
  • Assessment

Preparing for the Planning Process

  • How to Set Parameters for the Planning Process
  • Should You Establish a Committee?
  • How to Gather Operational Data
  • Case Study
  • Assessment

Initiating Process

  • Develop a Mission Statement
  • Develop a Vision Statement
  • Choosing to Be a Mentor
  • Case Study
  • Assessment

The SWOT Analysis

  • Identifying Strengths
  • Identifying Weaknesses
  • Identifying Opportunities
  • Identifying Threats
  • Case Study
  • Assessment

Developing the Succession Plan

  • Prioritize What the Succession Plan Will Address
  • Set Goals and Objectives
  • Develop a Strategy for Achieving Goals
  • Draft the Plan
  • Case Study
  • Assessment

Executing the Plan

  • Assign Responsibility and Authority
  • Establish a Monitoring System
  • Identifying Paths
  • Choosing Your Final Approach
  • Case Study
  • Assessment

Gaining Support

  • Gathering Data
  • Addressing Concerns and Issues
  • Evaluating and Adapting
  • Case Study
  • Assessment

Managing the Change

  • Developing a Change Management Plan
  • Developing a Communication Plan
  • Implementing the Plans
  • Providing Constructive Criticism
  • Encouraging Growth and Development
  • Case Study
  • Assessment

Overcoming Roadblocks

  • Common Obstacles
  • Re-Evaluating Goals
  • Focusing on Progress
  • Case Study
  • Assessment
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