Succession

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It has become a reality; succession in our businesses is at our doorstep. It is a known fact that the number of key employees available to step into leadership roles will drop dramatically in the coming years. By the year 2015, the average company will be left with just half the talent it needs. The reason being demographics there just aren’t that many people around with the right type of skills and experience. This means that companies are going to have to get better at identifying and fostering talent from within their business, as recruiting externally will become increasingly difficult, not to mention more costly. This is the process of succession planning, and unfortunately, many companies don’t understand the importance of it; therefore, they face difficult decisions and are not prepared or equipped to make them properly.

Let’s ask ‘Why don’t companies do succession planning?’

Succession planning isn’t difficult, but it is perceived as something that seems like a long way in the future. Companies put off succession planning because it doesn’t look like a value-adding task. There are often other higher priorities on which to spend dollars.

ESE keeps playing a leading role in succession planning by being proactive and working closely with regional entrepreneurs. Understanding the importance of a good transition, ESE has developed tools for both sellers and successors, as we realized the importance of not only ensuring the person selling the business is prepared, but very importantly, the one buying is very prepared as well. Our priority is to ensure that businesses stay healthy and that employment and services stay in our communities.

Succession Tools