Succession Planning Guide for Members Released
on February 01, 2022
We are excited to release our latest member-exclusive resource, “Succession Planning: Identifying What Is Next for Your Business and How to Make It Happen,” written by Mark Higley, vice president of Regulatory Affairs, VGM Government Relations. Members may download this guide in the members-only portal on vgm.com.
“By numerous requests from my friends and colleagues in the industry, I am honored to have had the opportunity to coordinate and develop the ‘Succession Planning: Identifying What Is Next for Your Business and How to Make It Happen’ Guide,” said Higley. “Succession planning is the process of identifying the critical positions within your organization and developing action plans for individuals to assume those positions.”
The past few years have brought unique issues to us in the home healthcare marketplace. If you could say anything positive about the COVID-19 pandemic and the associated tough operational obstacles, it might be that it required a lot of businesses to get better at accepting and acting upon the need for change and planning for the future. Succession planning is one step in planning for the future.
“Taking an all-inclusive view of current and future goals, this type of preparation ensures that you have the right people in the right jobs today and in the years to come,” said Higley. “In the long term, succession planning strengthens the overall capability of your organization by identifying critical positions and highlighting potential vacancies, selecting key competencies and skills necessary for business continuity, and focusing development of individuals to meet future business needs.”
Mark Higley has helped guide members through the process of deciding what is next for their businesses for years, whether that be selling the business or setting up a plan for transferring the business to a trusted employee or family member. This guide is a toolkit to assist in the initial planning steps and procedures to transfer ownership of a business.
The guide is made up of four parts, including a detailed guide on how to start to identify what is best for your business, a succession planning template, steps to write a succession plan, suggested steps to take to purchase a home healthcare supplier, and considerations to take when determining if an Employee Stock Ownership Program (ESOP) is right for your business. Download this resource today!