Jamie Batt joined Buffalo Business First Virtual Executive Forum on Succession Planning as a panelist. Click link below to read the key takeaways.
They agreed: If you haven’t started succession planning, start now by developing long-term goals and then draw a roadmap to achieve those goals. In its simplest terms, it is like a planning a family vacation, Colca suggests.
“If you just get in car and start driving without a specific destination or a map to get there,” he says, “you may end up somewhere you don’t like or you may end up right where you started.”
Naturally, the process can get tricky, so the earlier you begin the process, the more flexibility the plan can have.
“It’s an ever-evolving process depending on when you start your succession plan,” Batt says. “If you start earlier, it can change from year to year. If you start later, then you may have to stick to a strict schedule. For some it’s a marathon, for some it’s a sprint.”
An earlier start can have another benefit: a more effective plan that yields a bigger return on investment, Stimpson says. Keep continuity of operations at the plan’s center and be sure to consider the emotional impact the transition may have on family, employees and stakeholders, he says.
Thank you Jamie for serving as a panelist in this important discussion.