“A succession plan is critical for small, medium, and diverse businesses—it is how your business lives beyond you.” – Adam Moore

A business succession plan is something not commonly discussed among small and diverse businesses. After all, it’s especially difficult for any founder—especially those who think of their business as their child—to think of themselves as replaceable. However, in a rapidly changing, post-COVID market, succession planning has become more important than ever—having plans for leadership transitions is vital to maintaining the long-term health of any organization.

In this episode, we discuss what succession planning is, why it’s important for your businesses, and how it’s different from a business continuity plan. We share examples of successful companies with succession plans. We outline the key elements every succession plan needs and describe why a time element is crucial. We also highlight how a succession plan can help a business focus on mentorship, explain the importance of internal training and leadership development, and underscore the characteristics any business owner or leader should look for in their replacement.

This week on Breaking Barriers:

• What a succession plan is and how it’s different from a continuity plan

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