Succession Planning

Nexus Solutions Inc. offers succession planning for firms in the construction and real estate industries. A succession plan is essential for business owners; it allows them to protect their legacy through proper planning. A succession plan is used to outline the steps that will be taken once the owner is no longer the key player, including the designation of employees who are going to advance into higher management positions. By taking this action early, steps can be taken to mold each person and provide them with the necessary training and support before they are required to take on additional responsibilities. A succession plan will help to avoid the chaos, confusion and anxiety that are associated with change; often creating failure in the organization. Nexus will complete a thorough evaluation of the current state and future direction of your company, and employees, in order to develop a succession plan. Additional reasons for Succession Planning are the following:

  1. You Cannot Plan for the Unexpected:
    When business is running smoothly and profitably, it may seem unnecessary to take the time to create a succession plan. However, it is imperative to develop your succession plan before it needs to be implemented. Whatever the circumstances: a CEO who suddenly decides to retire, economic crisis, natural disaster or an unexpected illness, having a succession plan in place is essential to remaining successful.
  2. Protect Your Legacy:
    Transition is inevitable and will always lead to some changes in the company. A succession plan allows you to maintain the core values of the company when the role of management is transferred.
  3. Motivate Employees and Increase Retention:
    Succession planning is an excellent tool to gain a better understanding of the goals, abilities and needs of your staff. When people are more involved with their company and have a close relationship with their managers they are less likely to look elsewhere because they feel appreciated. In addition, when an open relationship is established and an employee understands exactly what is expected of him/her they are more likely to perform better and enjoy their job.

Failure to Plan is Planning to Fail