Succession Planning for Your Company's Future (Free Webinar Still Available On-Demand)
PHILADELPHIA—August 29, 2014—Whether you're a print shop owner or a high-level manager, it's more critical than ever to plan, develop and monitor a successful transition of leadership in your business. In the "Succession Planning: What’s in Your Company’s Future?" Webinar presented by Printing Impressions and packagePRINTING, and sponsored by New Direction Partners, Jim Russell and Tom Williams, partners at New Direction Partners, discussed the key industry trends that affect all businesses, and provided a step-by-step succession planning process, along with real-life stories of what has worked (and what has not).
Moderated by Peter Schaefer, another partner at New Direction Partners, the Webinar further discussed key objectives to consider for a successful transition of leadership, such as finding and keeping key employees; making the right hire; and locating, developing and training your replacement.
"For management succession planning, do a SWOT analysis of existing talent," said Russell. "Succession planning starts with the hiring process, so take the testing as a serious way to begin the planning process."
Williams also noted that without complete buy-in and understanding by the key players, the succession plan will not work. "No matter what you plan to do with your business, the time to make that plan may be now, and you cannot have an exit or succession strategy without a viable plan. It can be very rewarding when done right."
The more than 200 Webinar registrants reported positive feedback. Here are just a few of the comments:
"This Webinar reaffirmed our direction and planning—reinforcing that we're doing the right things."
"Learning about the five steps in enabling the plan was helpful, as well as understanding if what you 'want' will be reasonable for the business long-term."
"It provided overall good, objective information on the subject of succession and valuations."