Succession planning definition

Succession planning means an ongoing process for ensuring the continuation and economic viability of a business over generations of owners or operators. It may include strategies to identify, develop, and empower the next generation of owners or operators, a plan to transfer business and family assets, and arrangements for each generation’s retirement and long-term care. Succession plans are fluid and may be reviewed and updated throughout the existence of the business.

Succession planning means making the necessary arrangements to ensure that suitably qualified people are available to fill posts which will arise within any specific department over forthcoming years.

Succession planning. The Challenge of What’s Next,” Jan. 2013, page 44 ■ “Planning and Paying for Partner Retire- ments,” April 2012, page 28 ■ “Traps for the Unwary in CPA Firm Merg- ers and Acquisitions,” Aug. 2011, page 36 ■ “Mergers & Acquisitions of CPA Firms,” March 2009, page 58, and “Keeping It To- gether: Plan the Transition to Retain Staff and Clients,” April 2009, page 24 (two-part article) Use xxxxxxxxxxxxxxxxxxxx.xxx to find past articles. In the search box, click “Open Ad- vanced Search” and then search by title. Publication ■ Management of an Accounting Practice Handbook (#090407, loose-leaf; and #MAP-XX, one-year online subscription) CPE self-study ■ Advanced Mergers, Acquisitions, and Sales: Complex Case Study Analyses for place me.” A better approach is to require adequate notice be given for an owner who wants to retire coupled with a clear plan for transition of client management re- sponsibilities. Usually, it takes at least a two-year notice to provide enough time for clients to become familiar—and comfortable- — with a successor. If the new relationship doesn’t stick, the firm has time to assign a new successor. ❖ Closely-Held Businesses (#732868) ■ Making Key Financial Decisions: Practical Tools and Techniques for Making Your Key Financial Decisions (#733835) Conference ■ Practitioners Symposium and Tech+ Conference, June 9–11, Las Vegas For more information or to make a purchase or register, go to xxx0xxx.xxx or call the Institute at 000-000-0000. Survey reports

Examples of Succession planning in a sentence

• Succession planning must address the loss in numbers, as well as the loss of experience.

• Succession planning is especially critical for smaller institutions, where management teams tend to be smaller and possibly reliant on a few key individuals.

• Succession planning is a process for identifying and developing internal people with the potential to fill key business leadership positions in the company.Succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they become available.

• MODULEOM: Operational Risk ManagementCHAPTEROM-1: General Requirements OM-1.4 Succession PlanningOM-1.4.1 Succession planning is an essential precautionary measure for a bank if its leadership stability, and hence ultimately its financial stability, is to be protected.

• Succession planning should include policies and principles for CEO selection and performance review, as well as policies regarding succession in the event of an emergency or the retirement of the CEO.

More Definitions of Succession planning

Succession planning in this policy means making the necessary arrangements to ensure that a suitably qualified person is available to fill the Clerk to Council position over forthcoming years.

Succession planning in this policy means making the necessary arrangements to ensure that a suitably qualified person is available to fill the County Attorney position over forthcoming years.

Succession planning means a strategy used by organizations to pass leadership roles down to another Employee or group of Employees. The process ensures that operations continue to function efficiently without the presence of people who were holding key positions following retirement, resignation etc.

Succession planning means activities and related planning for replacement of program and organizational leadership.

Succession planning means ensuring a continuous supply of highly qualified candidates to fill the critical or key positions in the company through following a systematic process.

Succession planning means making the necessary arrangements to ensure that suitably qualif ied people are available to fill posts which will arise within any specific department over forthcoming ye ars.

Succession planning means making the necessary arrangements to ensure that suitably qualified people are available to fill posts which will arise within any specific department over forthcoming years. The succession planning is implemented by the management, the Nomination & Remuneration Committee of the Company, the Board of Directors (Board), the Human Resources Department, and the employees themselves.