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Wednesday, June 10, 2015

Sme business platform - succession planning

The rain yesterday caused so much traffic, all I wanted to do after getting home from the show was sleep! Was tired much.
On the show, we had Mr. Cajetan Ezeorah discussing succession planning. Interstingly I noticed this same topic trending in lagos on twitter with the hashtag #wimbizceochat. You should check it out guys. Many of us SMEs are too busy trying to grow our businesses we tend to forget this important factor.

1. Succession planning is not just about the CEO. Other key positions in the business should be identified.

2. Succession planning is about leadership continuity.

3. The aim is to retain and develop intellectual capital and minimise the risk of having skill gaps due to someome leaving suddenly.

4. Identifying the right successor has to be a collective decision by stakeholders in the business.

5. Enforcing family members on a business, especially when they do not really have the same passion for the business, can have negative effects on the sustainability of that business on the long run.

6. It is never too early to start thinking about your succession plan.
Cheers fam!