Commercial Insights

Why is Succession Planning Important?

May 20, 2022 (updated Apr 11, 2023) • 6 min
Related
Strategic Advice
What are Seven Steps to Succession Planning?
Succession planning isn’t as hard as it may seem. Seven steps can ensure it’s done correctly.
Infographic   3 min
Strategic Advice
Four Steps for Effective Market Planning
Growing a company or launching a new product or service can be daunting. Careful planning can help facilitate growth, while mitigating risk.
Article   6 min
Strategic Advice
Five 2022 Business Planning Trends
Over a year into the pandemic, companies are still adapting to economic, labor and supply chain challenges. In the next year, CEOs and other business leaders will focus on sales, spending, supply chain management, staffing, and flexible work arrangements.
Article   4 min
Recent
  • Economic Outlook: What is Happening with the U.S. Economy?

    Information on the U.S. economy is seemingly limitless. But what does it mean for businesses? Synovus’ Senior Trust Portfolio Manager, Dan Morgan, explains what matters most.

  • Successfully Handling Industry Ups and Downs

    For over 40 years, Hodges Warehouse + Logistics has provided commercial real estate and warehouse space services in Montgomery, Alabama. Synovus has offered sound, reliable financing through the company’s lean and profitable years, since 2002.

Important disclosure information

This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

  1. Harvard Business Review, “The High Cost of Poor Succession Planning,” May-June 2021 Back
  2. Society for Human Resource Management, “Succession Planning is Critical in Uncertain Times,” March 9, 2022 Back