Latest Posts in Succession Planning and Knowledge Management
If you’re interested in learning more about knowledge management, or if you need more insight on why it’s important to your company, you’ve come to the right place. In this brief article, you will learn the basic definition of knowledge management, the two main types of knowledge and how your company stands to benefit from a knowledge management plan.
Two-thirds of small businesses lack succession plans, despite over 4 million owners approaching retirement in 2025. Companies with formal plans are 2.5x more likely to outperform competitors. Discover 5 actionable steps to safeguard your business legacy and ensure a smooth leadership transition.
If lack of time and budget are preventing you from reaching out for succession planning assistance, you’re in luck – our succession planning templates are designed to take you- step by step – through the process. In the end, you will have designated key positions and pinpointed successors to lead your company into the future!
Succession planning means different things to different people, but the most common theme among all the definitions that exist is that it involves making sure your business is prepared for the future. There are different types of succession planning, each of which depend on your type of business and your businesses’ specific situation.
Is your organization prepared for an unexpected leadership change? Without a succession plan in place, businesses of all sizes risk losing momentum, talent, and strategic direction. Our virtual succession planning process makes it easier than ever to build a solid plan in four weeks or less — without the premium price tag of traditional consulting. Connect with one of our specialists today to safeguard the future of your business.
2024 saw a record 2,200+ CEO departures—and the data reveals a crisis: only 26% of boards treat succession planning as a top priority. The cost of inaction? Your company's future. Act now... our comprehensive succession planning guide walks you through identifying critical positions, assessing retirement risks, capturing essential knowledge, and building a resilient leadership pipeline.
You may be wondering, when is the best time to begin thinking about a Succession Plan. As the saying goes, "there's no time like the present." Recent studies reveal that only 30% of small business owners have a formal succession plan, leaving a vast majority unprepared for future transitions. With over two-thirds of owners planning to retire in the near future, the absence of succession planning could lead to business closures and economic disruptions in local communities.
Many business owners dream that their sons or daughters will take over the family business, but struggle with feeling confident it’s what’s best for the company. In a report from the Family Business Institute, 88% of family business owners said they believed their family would control their business in five years. Yet, according to the report, only about 30% of family-owned businesses survive into the second generation.
As more and more baby boomers retire or consider retirement, ‘succession’ continues to be a common buzzword. Every year about 10% to 15% of corporations must appoint a new CEO due to retirement, resignation, dismissal, or a health crisis. As a business leader, succession planning (SP) has no doubt crossed your mind … maybe you’ve even started working on a leadership succession plan, but you’ve hit a roadblock. What should you do next?