SUCCESSION PLANNING BROUGHT TO THE FOREFRONT // SUCCESSION PLANNING
SUCCESSION PLANNING BROUGHT TO THE FOREFRONT BY ERLYNN GOCOCO
COVID-19 PUSHES COMPANIES TO PREPARE FOR AN UNCERTAIN FUTURE
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uccession planning focuses on implementing a process with the goal of keeping talent in the pipeline. This process typically involves between 12 and 36 months of preparation, which in this case, is not the same as pre-selection. According to Jim Rea, leader of MNP’s ExitSMART™ Succession Services team in Calgary, many companies had put their succession plans on the backburner. Now, COVID-19 has alerted them to the fact that they are unprepared and have not put adequate thought into whether they should be considering carrying on or bowing out of lead roles. He says, “The COVID-19 pandemic brought home the importance of being prepared for the unexpected. No one knows when the next personal or worldwide crisis will occur. Thoughtful planning can help small businesses and entrepreneurs prepare for an uncertain future.” Rea adds that the pandemic has served as a wake-up call for many business owners. “For good or bad, the pandemic is definitely bringing succession into the spotlight.” Glenda Reynolds, Haskayne School of Business director at the Canadian Centre for Advanced Leadership, echoes Rea’s comments and says, “COVID-19 has caused many people to
REA ADDS THAT THE PANDEMIC HAS SERVED AS A WAKE-UP CALL FOR MANY BUSINESS OWNERS. “FOR GOOD OR BAD, THE PANDEMIC IS DEFINITELY BRINGING SUCCESSION INTO THE SPOTLIGHT.”
ABOVE: JIM REA, MNP EXITSMART™ SUCCESSION SERVICES TEAM.
BUSINESSINCALGARY.COM // BUSINESS IN CALGARY // NOVEMBER 2021
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