How an Unexpected Departure Can Impact Business Succession Planning

There are lessons to be learned from the sudden death of David Roth, general director of the Kentucky Opera. Unfortunately, families and business around the country suffer when an unexpected departure raises many questions about the future of a company or entity. Although it can be frustrating to realize the challenges of handling this situation too late, such an event highlights the value of business succession planning in the present for any company. 

The first step in such a process is to recognize the loss and begin the communication process as early as possible. Stakeholders should be made aware of potential outcomes of the loss of a key member of the company. Stakeholders might include employees, shareholders, or even donors depending on the structure of the organization. All relevant individuals should know that operations will continue as usual in the interim. From here, the next discussion should be about plans for moving forward and what permanent leadership might look like.

If you’re struggling with starting the conversation on succession planning, we can help get you thinking about key issues and questions to consider.