Succession planning for businesses

1. Kathryn Kissinger HR Services 2013
Succession Plans: Not Just for Royals!

2. Succession Plans for Business
Today’s blog will deal with the Business Succession Plan
that every organization needs, no matter how large or small.
I hear your question…What is a “Succession Plan”???
Simply, it is the “plan” for who takes over and what
happens to your assets when you retire or are no longer
able to run your home or business.
Think of the Royal Family in Britain: their Succession plan is
Charles, William, and baby George. They have the next
century planned out!
Kathryn Kissinger HR Services 2013

3. Succession Plans for Business
Why do you need a plan? Because accidents, illness, and
employee turnover are an unfortunate part of business
life, and your employees need to know what comes next in
the event that you or a manager are no longer able to
perform your usual duties.
In the event of illness or accident, these plans are usually laid
out in personal Power of Attorney instructions or in the
Final Will, but sometimes there is a need to have company
functions looked after much sooner than the reading of
formal documents allows for, especially in smaller
organizations.
Kathryn Kissinger HR Services 2013

4. Succession Plans for Business
In the event of employee turnover, the organization needs to
ensure that there is someone in place who can step into the
role, and that vital information such as contact and password
information for banking and government reporting sites is not
lost.
You also don’t want to compromise your organization by
having only one person in control of the information-what
happens if they suddenly quit?
Trying to change these accesses can be very time consuming and
troubling if there isn’t a second, or even third, person with this
information and authority.
Kathryn Kissinger HR Services 2013

5. So, What Do You Do?
1. Create a manual that will explain which
position(s) in your organization report to which
people, and which position would step in in the
event that a sudden vacancy occurs. For example,
you could state that all Sales Reps report to the
Director of Sales, but should the Director of Sales
position be vacant or unavailable, Sales Reps would
report to the Company VP or other suitable
position until the Director’s role is filled.
Kathryn Kissinger HR Services 2013

6. So, What Do You Do?
2. Create a log of all important contact and password
information: from the guy you order your sandwiches
from for meetings, to the CRA payroll account
passwords, this is the stuff that is vital to your
organization and most often overlooked!
3. Ensure that the vital information is kept secure, and
share as much of the Plan with your employees as you
can, so that everyone knows what’s going on and where
to find the information if they should need it.
Kathryn Kissinger HR Services 2013

7. Where to Find Us
Web: www.kissingerhrservices.com
info@kissingerhrservices.com
Phone: 519-758-1952
Mail: KGRPO Box 24052,
185 King George Rd.
Brantford, ON N3R 7X3
Kathryn Kissinger HR Services 2013