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Experience may outweigh education when choosing successors

Running a business can have many ups and downs. Even when the going gets rough, you undoubtedly want to do your best to ensure that your company succeeds. You may feel that your direct input helps your company thrive, but you may also realize that you cannot run all areas of the business yourself. Additionally, you certainly also know that a time will likely come when you can no longer run the company.

Though you may still have numerous years of business running ahead of you, it may be in your best interests to consider business succession planning. By planning ahead, you can ensure that the parties you feel are best suited for leadership positions are ready to take on the roles and that no one feels panicked at making sudden succession decisions. Of course, you will need to consider many factors when choosing successors.

Experience level

Having the right knowledge for a particular role can help certain candidates suit positions better. However, you may wonder whether your successor candidates should be individuals with the educational knowledge about the role or those with real-world experience. While education is immensely important in knowing how to run a company, knowledge gained through experience may have more weight in this type of situation.

Individuals who have been in leadership roles before will likely have a better chance of effectively handling any unexpected crises that could arise. Additionally, these individuals may have a better overall demeanor when it comes to taking care of typical workplace scenarios.

Internal candidates

If your company employs numerous individuals, you may have the right candidates for future leadership positions in house. By considering internal candidates, you may have the opportunity to teach these individuals yourself and see how they handle work-related situations firsthand. Furthermore, statistics indicate that individuals hired from outside companies often get fired or otherwise leave their positions.

Creating your plan

In many cases, simply promising someone a future position is not always enough. Therefore, when you think about business succession, you may want to consider who will take over certain positions and how general operations will change. As you make these considerations and decisions, you will likely find it useful to create a solid succession plan that details your wishes. Having this plan in place could help avoid sudden upset in the future.

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