Explain the various steps involved in the Business Succession Strategy.

Following steps are involved in Business Succession Strategy Step 1 - Evaluate key leadership positions: - To evaluate which roles are critical, risk or impact assessment can be performed. Generally, these are such positions which would bring transformation to the entire business or create strategic direction for the organization. Step 2 – Map competencies required for above positions: - In this step, one needs to identify qualifications, behavioral and technical competencies required to perform the role successfully. Step 3 - Identify competencies of current workforce: - Identifying what are possible internal options that can deliver results as expected in Step-2, and also if there is a need for training and development of certain skills required. The organization should also place weight on whether is there a need to search outside the organization. Step 4 - Bridge Leader: - In family owned business appointment of an outsider as 'bridge leaders' will help to develop the business and prepare young family members for leadership role.