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Continuity vs. Succession Planning By Mark Richardson, Pinnacle Surety O


ften, the words continuity and succession, as they relate to business planning,


are used interchangeably. However, they have different meanings, and a business needs to be clear on under- standing what each word means to their business since each plan is specific in its goals. Te business continuity


plan (BCP) is the creation of a strategy through the recognition of threats and risks facing a company, with an eye to ensure that personnel and assets are protected and able to function in the event of a disaster (Investopedia). In the construction


Continued from page 14


accuracy, safety, and skill and that those qualities can pay dividends. Being the best is a great feeling, and


industry, the disaster for a privately held company is typically death or disability of the principal(s) of the business. Te succession


plan is a process for identifying and devel- oping new leaders, who can replace old leaders when they leave, retire or die. In business, it entails developing internal people with the potential to fill key business leadership positions in the company. Both plans are put in place to


preserve the future of the business. Te implementation of these plans


encouraging employees to take pride in their good work can encourage a much more quality conscious and safety focused employee, which of course also


often are put on hold. Tere are examples all around us that should prompt our motivation to get both


plans in place. We often want the agreement to be perfect. We know it requires time and money to do this correctly and therefore it is easy to procrastinate. Remember, the Constitution was carefully written, but it was not perfect. Te Amendments have been created to make a more perfect document.


So, find the experts to help you


create and implement these two critical documents. You can make changes along the way. Without these plans in place, one thing is for sure: there is no plan for the future of the company you built. 


has the benefit of reducing your overall risk of loss to job site accidents and construction defects. 


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 


 


  


     


 


  


   


 www.AGC-CA.org Associated General Contractors of California 15


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