When we think of succession planning, we normally think of the CEO when they retire. And, we think about it too late.
But succession planning is the perfect opportunity to be proactive and consider the challenges your successor will need to prepare for, both short-term and long-term. In other words, what should the job be for your replacement? It’s also the chance to identify opportunities the company might take advantage of as a result of a change in leadership. In other words, what should the number one job be for your replacement? Is it cultural, tactical or strategic in nature? Is there unfinished business? Stalled initiatives? New products, services or markets to explore? These questions should not only guide your succession plan but should help ensure that it aligns with your organizational and personal goals, capping off the achievement that has been your tenure as a leader.
Well thought out succession planning takes hard work and commitment. In 2009, while working on a project with The Corporate University at Kent State Stark, I recorded 3 videos, interviewing three CEO’s, who had all worked on succession planning for their companies.
Listen to what they had to say……