Secure Your Legacy
Succession Planning is important because at the heart of the Talent Management process is identifying key roles and mapping out ways to ensure the organization has the right people with the right skills, capabilities, and experiences, in the right place at the right time.
Succession planning is not just exclusive to building a “deep bench” of replacement talent to step in when people retire, or leave.
Succession Planning is also a necessity in properly managing the tax and ownership ramifications of the company future. If being sold, or turned over to family members, the preparation required for this type of transition can take years to implement, and could become very costly tax wise, if not properly planned.