Case History: Management Succession Planning
The Organization
Owner managed manufacturer of specialty metal products with many years of very profitable operations and steadily growing sales in limited market area.
The Situtation
All segments of the business report to the owner and there are no potential replacements for him either in the company or in the family.
The Approach
Pace conducted an extensive examination of the goals and expectations for the business and the long-term top management requirements. Based on this first hand input a comprehensive business strategy and succession plan was developed providing the basic actions required for the company to have a fully qualified CEO successor in the organization and the criteria for his/her recruitment and training in the following few years.
The study and the plan involved assisting management in developing the necessary management policies, procedures and controls for use by the heir apparent to ensure continuity in management style and business development.
Results
The outside board of directors and supervisory staff heartily endorsed the concepts and plans and are providing full support to the person identified to become the successor to the owner CEO in day-to-day operation of the business.