If you could create your own fantasy board of directors, who would be on it? CO— connects you with thought leaders from across the business spectrum and asks them to help solve your biggest business challenges. In this edition, we ask an expert about how you can create a succession plan for your restaurant.
In this edition of “Ask the Board,” we asked Robin Gagnon, Co-Founder and CEO of We Sell Restaurants, a restaurant brokerage practice representing buyers and sellers in hundreds of restaurant transactions, to share her advice on how restaurants can develop successful succession plans.
Find the right internal candidate
It all starts with identifying the right potential successor within your team. Find that leader who looks to excel and grow from their current rule. Once you know they are willing to step into that role, begin mentoring and training your candidate to handle more significant responsibilities.
Create a detailed description
Restaurant operations are not created equal. In fact, there are drastic differences between how restaurants operate. Make sure to develop a complete guide of all aspects of restaurant operations. Don’t forget any details as they can be instrumental in the future success of your venture.
Your succession plan is not in stone. It’s bound to change frequently. That’s why it’s a good idea to set a calendar reminder quarterly to review and update your succession plan.
Robin Gagnon, Co-Founder and CEO of We Sell Restaurants
Plan for transitional periods
Prior to a transition in leadership, ensure franchisees, leadership, and members of the team have begun to correspond and work closely with the successor. This will ensure relationships are built before leadership changes.
Consider legalities and finances
You don’t have to go at it alone. In fact, you shouldn’t, as there are countless professionals at your disposal. Consult with legal experts to have legal plans in place for ownership transfer, franchise agreements, and tax implications.
Update your plan
Your succession plan is not in stone. It’s bound to change frequently. That’s why it’s a good idea to set a calendar reminder quarterly to review and update your succession plan. Regularly review and update the plan to reflect changes in personnel, market conditions, and business goals.
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
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