7 STEPS TO A MERGER RESISTANT SUCCESSION PLAN
The value in having a written and well communicated Succession Plan impacts every employee, shareholder, and community for every community bank in America. A high-quality plan will help you identify key players, develop a plan to support their career path, and prevent you from being a target of activist investors. Our 7 tips will help you create and implement a Merger Resistant Succession Plan:
- Set your strategic direction
- Identifying key leadership positions, and people
- Define the competencies and motivational profile required to excel in those key roles
- Analyze your current organizational chart & talent –assess the people against these
criteria – with a future orientation
- Identify pools of talent that could potentially fill and perform highly in those key roles
- Develop employees to be ready for advancement into these key roles – primarily through
the right set of experiences
- Monitor evaluate and revise strategies
For more information on how Rhonemus Group can help you develop and implement a high- quality written merger resistant succession plan, contact Brian Rhonemus at (614) 686-4409, or brianr@rhonemusgroup.com.