1400 Gables Ct #103 Plano, TX 75075
5601 Bridge Street, #300, Ft. Worth, TX 76112

Dallas Business Lawyer’s Lightning Quick Guide to Succession Planning

Dallas business lawyer, Richard “Ric” Armstrong, discusses how to lay the groundwork for succession planning for your business.

Succession planning is an essential component to the long-term sustainability of your company. Having a “bench” of talented and well-trained leadership candidates ensures that your enterprise will continue to thrive far into the future – and continue to pursue your good mission and promote your values. Review these tips for to ensure best practices:

1.    Make the plan an experience. Your goal in succession planning is to have talented leaders who are prepared to take over leadership. That means giving them experience and a chance to develop their skills. Names on paper don’t mean much; give your future stars real opportunities to shine. In other words, don’t put this off until the 11th hour because you’re “too busy” putting out day to day fires. You need to seed the soil and start thinking about succession long before imminent retirement/sale of the company.

2.    Create the processes you need to make succession easier. In addition to identifying future leadership candidates (an obvious must), you also need to document and manage by systems as much as possible. These systems will obviously help with the transition, since successors (whether internal or external) can “plug and play” as opposed to reinvent and improvise. But systems can play a deeper role, enshrining your values and aligning those values with how the company operates. Nothing guarantees perfection, of course, but documenting exactly how things work makes it way easier for outsiders to take over.

3.    Stay simple. You don’t need a long and complicated list of criteria for future leaders. Identify a few key traits you want in your company’s future leadership, and focus on those. You can cultivate your prospects’ other skills and knowledge base further down the road.

4.    Don’t get dreamy. We all have a vision in our head of the perfect protégé – one who fits our criteria for the ideal successor in every way. However, the odds that your future leadership prospects will meet every single criterion you have just aren’t realistic. Again, focus on what’s most important, and then put development experiences in place to work on the rest.

5.    Work with a seasoned Dallas succession planning attorney. Don’t go through this process blind, and avoid reinventing the wheel. The team at Armstrong The Law Firm, P.C. can reduce your stress and help you forge a path for a beautiful future for your company, your mission and your people. Call us now at 972-424-L-A-W-S (5297).

www.planobusinesslawyers.com

Richard Armstrong, Principal

Richard Armstrong, Principal

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Armstrong The Law Firm, P.C.
Plano Location
1400 Gables Ct #103
Plano, TX 75075

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5601 Bridge Street, Ste. 300
Ft. Worth, Texas 76112

Phone: (972) 424-5297