Regularly planning for success, instead of yearly reviewing a succession plan, combined with seeking the advice of an attorney allows a business to fluidly adapt its succession plan to meet business needs and objectives. This will also, hopefully, prevent costly litigation that derails profitability. After all, if an employee is busy being deposed for a lawsuit, then they are being taken away from the technical and business proficiencies that contribute to the company’s SUCCESS.
Safeguarding leadership and lateral continuity by
Understanding the technical and political implications when developing
Competency models that identify future requirements for internal candidates and
Confidentially identify an external pipeline of candidates that combined
Ensure that the business fluidly adapts its
Strategic vision for continued
Why is it important for a company to seek legal counsel in the succession planning process?
There can be a myriad of corporate, employment and estate planning issues. First, for example, when Human Resources develops future competency models, careful attention must be paid to the words used to identify the core requirements. In addition, an objective feedback system needs to be implemented that not only complies with the company’s employee handbook, but also state and federal labor and employment laws. Second, both disgruntled internal candidates and communications with external pipeline candidates can pose confidentiality issues with regards to trade secrets and non-compete concerns that, in the end, affect the company’s profitability. Third, safeguarding leadership and lateral continuity may impact trust and estate issues, especially with regards to a family business.
Attorney, Jones Morrison, LLP