Business Succession Plan Template

This business succession plan template has 12 pages and is a MS Word file type listed under our business plan kit documents.

Sample of our business succession plan template:

Business Succession Plan [Your Company Name] Address City Postal Code Phone 555.555.5555 Email info@yourbusiness.com www.yourbusiness.com Table of Contents Table of Contents 2 1. Executive Summary 3 1.1 Purpose of the Plan 3 1.2 Key Succession Goals 3 2. Current Leadership Overview 4 2.1 Current Leadership Team 4 2.2 Roles and Responsibilities 4 2.3 Leadership Strengths and Weaknesses 4 3. Succession Planning Criteria 5 3.1 Position Prioritization 5 3.2 Successor Qualifications 5 3.3 Performance Metrics 5 4. Identification of Potential Successors 6 4.1 Internal Candidates 6 4.2 External Recruitment Strategy 6 4.3 Development Plans for Candidates 6 5. Transition Planning 7 5.1 Transition Scenarios 7 5.2 Transition Strategies 7 5.3 Communication Plan 7 6. Implementation Timeline 8 6.1 Short-Term Actions 8 6.2 Medium-Term Milestones 8 6.3 Long-Term Objectives 8 7. Risk Management 9 7.1 Potential Risks 9 7.2 Mitigation Strategies 9 8. Legal and Financial Considerations 10 8.1 Legal Requirements 10 8.2 Financial Impact 10 9. Monitoring and Review 11 9.1 Review Schedule 11 9.2 Succession Plan Updates 11 9.3 Feedback Mechanism 11 10. Approval and Implementation 12 10.1 Approval Process 12 10.2 Implementation Plan 12 1. Executive Summary 1.1 Purpose of the Plan Briefly describe the objectives and scope of the succession plan. 1.2 Key Succession Goals Outline the main goals you aim to achieve with this plan (e.g., continuity, minimizing disruption). 2. Current Leadership Overview 2.1 Current Leadership Team List the key leadership positions and the individuals occupying them. 2.2 Roles and Responsibilities Describe the core responsibilities of each leadership position. 2.3 Leadership Strengths and Weaknesses Assess the current leadership team's strengths and areas for improvement. 3. Succession Planning Criteria 3.1 Position Prioritization Rank leadership positions based on their criticality to business operations. 3.2 Successor Qualifications Define the qualifications, experience, and skills required for each key position. 3.3 Performance Metrics Establish how the performance of potential successors will be evaluated. 4. Identification of Potential Successors 4.1 Internal Candidates List potential internal candidates for each key position, along with their current role, qualifications, and readiness level. 4