BUSINESS: SUCCESSION PLANNING Simpson: In our business a succession plan can easily take between 10 to 15 years. The period of analysis and decision making can take three to five years and the transition of ownership from five to 10 years. 6. Any other advice that you would like to share about the succession planning process? Cargas: Employee ownership is like family business where we consider all employees as family members. Relatives that do not work in the business are, for the purposes of business, not part of the family. This results in a very engaged team of employee owners. Manners: Succession is not a do it yourself process. We had a lot of formal and informal help along the way. Also, the leadership transition works best if the exiting leaders invest the time to share their knowledge and experience with the new team. Simpson: Don't look at succession planning as an impulse buy. Identify potential candidates and listen closely to your team when they talk about your candidate(s). Put candidates in difficult situations and allow them to fail. They need to know how to lose so they can appreciate winning. BY MICHAEL MITCHELL, Executive Director, The High Center Contact Michael at mitchellm@etown.edu 20 | LANCASTERTHRIVING! | Winter/Spring2017 WHAT LESSONS CAN WE LEARN FROM THESE THREE SUCCESSFUL COMPANIES? Begin succession planning now Succession planning can be a long process and the earlier you start the more options you will have. These companies took several years for initial discussion and development of their succession framework and documentation. Another several years were needed to successfully transfer leadership and ownership. These companies have concluded that succession planning needs to be a regular part of their strategic planning process. Consider both leadership and ownership succession All the companies interviewed clearly addressed the unique aspects of both the leadership and ownership succession process. They also stressed the need to consider both planned and unplanned succession. Talk with other businesses Begin by reaching out to other businesses that are successfully navigating the succession journey. These businesses can be a great source of knowledge, inspiration and support. Use your trusted advisers Succession planning consultants can be a cost-effective way to help you consider succession options, develop a plan of action and hold you accountable to stick to your plan. Your board of directors, attorney, accountant and financial advisors are also important partners for the journey. LThttp://www.lancasterchamber.com/log.aspx?type=KWMB&rt=MEMB&url=www.thehighcenter.com