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n Farmer’s Weekly - Leave your business in good hands! - managing for profit

Volume 2018 Number 18018
  • ISSN : 0041-848X
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Abstract

We are all going to die of an incurable disease called ‘mortality’. Put another way, loss of key people in a business is a certainty. And while I can understand a healthy young person thinking that he or she will live forever, it never ceases to amaze me when aging business owners, directors and managers take no steps to prepare for the day when they will no longer be around. It’s plainly irresponsible, especially as succession planning isn’t rocket science. It’s a well-documented practice, and many skilled consultants are available to provide help. Are you one of those who have a blind spot about death, disablement, or even the departure of key employees to new pastures? Let’s take a quick look at the principles involved. As most people know, a business is driven from three distinct levels: • Ownership: the shareholders; • Directorship: the directors; • Management: the day-to-day managers. Some individuals may operate on all three levels, and that’s fine, as long as they realise that their job at each level is different. If a business is to prosper it needs people with competence at all of these levels. When it comes to succession planning, you need to consider all levels!

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/content/journal/10520/EJC-e5f27a475
2018-05-18
2018-10-17

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