Running a Residential Care Facility for the Elderly (RCFE) is rewarding work. You’re helping one of the most vulnerable populations in a season of life when they need extra support. That said, eventually, the time will come when you’re ready to transition to something new, whether that’s retirement or another venture.
You don’t want to leave your team or your residents in the lurch when that opportunity arises. As a result, it’s worth taking some time to think through your succession plan now. With a plan in place, you can start working toward your next steps while setting your RCFE up for continued success.
Here’s a three-step guide to succession planning for RCFE owners.
#1: Figure Out Which Roles Need New Players
Maybe you just need to pass the reins to one person. In many cases, though, RCFE owners wear a lot of hats. Your facility may function better if you don’t necessarily replicate your role for one successor. Instead, it might make sense to name an executive director, facilities manager, and resident care coordinator, for example.
Think about what you do in your day-to-day work for your facility. Could one person reasonably take all of that on? If not, identify the roles you would need to fill to leave your facility in good shape after your departure.
#2: Evaluate Your Current Staff
Do you have people on your team who could step into the role or roles that will be required after you leave? If you’re not sure, now’s the time to find out. Engage in conversations with your team to learn about their interests, competencies, and drive. Ask your residents about their interactions with key staff. Learn what you can about who you could promote internally to helm the ship.
If you’re not confident any of your current staff are up to the task, you may still need them to bridge the gap. If you’re ready to start transitioning out now, you can pick one or a few people to step into interim management roles. This helps your team get used to new leadership as you transition out and hire for the necessary positions.
#3: Make a Plan for Your Transition
This means laying out a timeline for your departure. Set milestones throughout the transition process. You don’t want to be fully running operations one day, then pushing everything onto your successors’ plates the next.
Successful successions generally happen in pieces over time. Generally, you want to take at least a year to slowly hand things over. This way, you can ensure your successors are up to the task.
A good succession plan sets your facility up for success well after your departure. This time of transition does expose the RCFE to more risk, though. A good liability insurance policy can help to protect you, your team, and your facility if anything slips through the cracks as responsibilities change hands. To talk with an RCFE insurance expert about the coverage you need during this succession period, call our team at (805) 413-5668.
