9 Keys to Ensuring Your Business Continues to Succeed Without You

This article, published on Entrepreneur.com in May 2015 by Brenton Hayden, founder of Renters Warehouse, addresses the importance of succession planning. The author explains that he built the company from the start so that it would not depend on any one person, which made handing management over to a successor much simpler.

Highlights

• Build a solid foundation with clear systems that someone else can follow
• Set a target date and break the plan into actionable steps
• Identify the key roles that need to be filled
• Define the competencies required for each role
• Consider the future of the company when choosing a successor
• Prepare the team to support the successor
• Train the successor, because there is no perfectly "ready" successor
• Empower the successor by delegating responsibilities
• Implement measurable metrics to monitor the health of the company

Summary

Succession planning is often postponed, yet it is essential for the continued success of a company and usually takes years. To monitor the company after stepping back, the author uses a scorecard system with metrics such as monthly growth, customer satisfaction, and new and cancelled accounts. In his view, every succession plan should be tailored to the needs of the specific company and remain flexible as circumstances change.