Who is going to take over?
Executive leadership is a critical component in the success of all companies.
Who will take over? Business Succession Planning is a strategic approach to ensure that necessary talent and skills will be available when needed in the future and that the essential knowledge, expertise, and experience will continue when employees in critical positions retire or leave.
As many business leaders approach retirement age, many organizations risk leadership deficits and business disruption due to a lack of adequate succession planning and leadership top-grading. When asked, 62% of employees said they would feel more engaged if they knew a succession plan was in place. In family businesses, succession planning helps uphold your family’s net worth and maintains the legacy and identity that you have created. In addition, building redundancy in your workforce makes multiple options for management.
Succession planning should be a part of your long-term strategy. Challenges may include the breakup of a leadership team during a transition, your current “bench” of talent is no longer a fit or unexpected departures. Whether in-house or externally, you need to have quality successors and plans to implement them in mind.