Successful Succession Planning for Business

You’ve heard that saying, “All good things must come to an end.”  That end for a business or organization can be as a result of retirement, passing to another generation, moving on to new adventures or less pleasant disruptions one prefers not to mention.  Whether your business or organization is big or small, wouldn’t it be great to see that it has the opportunity to thrive on with its next caretaker or its operations can cease in an orderly, optimum way, whichever way you feel best.  It is something we all should think about as business people — succession planning. Even as the staff person for this economic development organization, I feel an ownership and I would like my successor to have the best chance at success when I move on. So, why wouldn’t any business owner plan for his kids, or wife, or partner, or whomever to have success with the company?

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About Daryl Phillips, CEcD

I am a professional economic developer. I presently work for communities and companies in developing and implementing workforce and economic development solutions as CEO of Phillips Economic Development Solutions (Phi EDS). Prior to September 2017, I was the economic development professional who served a community team of elected officials, business people, community leaders and dedicated stakeholders for economic development in Cheatham County, Tennessee (pop. 39,880) and its four towns. During my five-year tenure, I served the team as Cheatham County grew over 1,700 jobs, turned around population declines at the start of this decade into healthy population growth, increased tourism expenditures 20.3% and local tax revenue from tourism 25.4%, grew sales tax revenue 36%, focused on developing the local workforce and was recognized by SmartAsset as having the 9th highest Incoming Investment Index of all the 95 counties in Tennessee. I am a member of International Economic Development Council, Southern Economic Development Council, Tennessee Economic Development Council and International Council of Shopping Centers. I have earned the designation of Certified Economic Developer (CEcD) from International Economic Development Council (IEDC), the Economic Development Finance Professional (EDFP) certification from National Development Council and hold a Master of Business Administration from Tennessee Technological University.
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