Art of Succession Planning

Succession planning, like any business acumen, is both an art and a science. Namely, there are many proven strategies that can and should be followed so that successful transition can occur.

Too often organizations address the challenge of succession through the rearview mirror. Waiting for someone to resign or, worse still, to be removed. Then and only then feed on thoughts of who or what should happen next?

One reason is given little foresight to succeed is evident in the fact that rarely shows in corporate business plans. Companies are quite diligent in forecasting-out 3, 5 and even 10 years but most of what they intend to have more to do with finance, PandL, product evolution and little or no emphasis on who or how the future leaders will be the captain of the ship company.

It's no secret senior executives, especially those new position, see themselves as bulletproof. In their minds, talk of succession is analogous to talk of potential bankruptcy - will be there forever - so you have little appetite for negativities like that preferring instead to focus on positive things, like how to make the company successful - perhaps for ever?

Professional consultants like Pat Micallef, VP of international consulting firm Meta Group, takes a strong position when he says: "The success of any business succession, is based on the strength of the company's business plan, and, of course," he says, "The change of leadership is an integral part of future business strategies and should be integrated in the success of which, however, [] succession planning so or not depends on the architects of the plan have a clear understanding of three important criteria.:

a) What does it take to keep the company running and profitable?

b) What does it take to grow your business? and,

c) What does it take to change society? "

It is here that begins to see more clearly that succession planning is an integral part of a ploy much larger, more complex, perhaps, because at first glance.

Leaders rise to the top based mostly on their unique skills and proven tacitly believed by members of boards of directors or business owners to be the champion of the material for the needs of society. In a perfect world, the cream rises to the top business in comfort and on time - but we do not live in a word perfect - in fact, one could argue that we live in a world that is more imperfect than we like to believe.

With this in mind, companies and industries around the world are facing the reality that a decade, their entire business landscape will be completely different!

Randy Moore, VP of York Region based Mister Transmission, knows that the future looks bright for the goods and services it sells. Mr. Moore also knows, in a very short time, customers have more choice - thanks to the Internet - to acquire similar solutions. The fact that Randy sees more as an opportunity and a challenge is the recognition that its market is not static - it is a tribute to his positive attitude and assertive.

Enterprise architects are [or should be] focused more diligently on grooming future leaders strategic needs essential to manage the business profitably in their new market in the near future.

Let's face it, few executives get by today without a reasonable understanding of how to work a computer, Internet, Excel, PowerPoint and so on. Only a few years ago, it was not uncommon for all ages is to rely totally exec assistants for technical support - rendering their [ENTER] stationary computers, entertainment devices showing pretty fish and flying toasters.

What business leaders of tomorrow need to know? They will need to be computer experts? An MBA will be enough? The future of the company require a better understanding of company law - international or domestic - matters relating to human resources, strategic skills and crisis-management, Techno-Mechanical knowledge? ... etc.

To groom the next generation of business management, planners must be absolutely clear on what [broad] Requirements for the tactical skills will be crucial to business leadership and growth. A business plan clear and unambiguous in tandem with future leadership skill-set-deliverables are integral ingredients necessary for successful leadership succession.

No one is saying the CEOs of the future must be experts in all fields or in all disciplines. However, it will be increasingly important that senior exec have a global vision to address the challenges and disciplines of which they are responsible and therefore ultimately must manage.

Although for some the challenge to find or make the next great business leader may seem daunting, we can draw some comfort in what former President Ronald Reagan once said: "Great leaders are not measured by what they do great things, but rather by what great things the others come to do. "

Bottom Line:

Succession planning is strategic, tactile and deliberate involving a clear understanding of how companies need to change hand in hand with strategies to groom future leaders to meet the needs. Understanding Success Transitionists of succession planning is an art and a science .......