Art of Succession Planning

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

Too often organizations address the succession challenge through the rearview mirror. They wait for someone to step down or even worse, be removed. Then and only then do they entertain thoughts of who or what should happen next?

One of the reasons little forethought is given to succession is evident in the fact that it rarely shows up in corporate business plans. Companies are quite diligent in forecasting-out 3, 5 and even 10-years but most of what they plan has more to do with finance, P&L, product evolution and little or no emphasis on who or how future leaders will captain the corporate ship.

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

Professional consultants like Pat Micallef, VP of international consulting firm The Meta Group, takes a strong position when he says, "The success of any corporate succession, is predicated on the strength of the company business plan, and, it goes without saying," he says, "leadership change is integral to future corporate strategies and should be built-in. The success of which, however, [succession planning] hinges expressly on whether or not the architects of the plan have a clear understanding of three important criteria:

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

b) What will it take to Grow the company? and,

c) What will it take to Change the company?"

It is here we begin so see more clearly that succession planning is an integral part of a much larger stratagem, more complex, perhaps, than seen at first blush.

Senior executives rise to the top based mostly on their unique and proven skills tacitly believed by corporate board members or company owners to be the stuff necessary to champion the needs of the corporation. In a perfect world, the corporate cream rises to the top in a comfortable and timely fashion ? but we don't live in a perfect word ? in fact, one could argue we live in a more imperfect world than we'd like to believe.

With that in mind, companies and industries the world over, are addressing the reality that a decade from now, their entire business landscape will be completely different!

Randy Moore, VP of York Region based Mister Transmission, knows the future looks bright for the products and services he sells. Mr Moore knows also, in a very short time, customers will have a greater choice - thanks to the Internet ? to acquire similar solutions. The fact that Randy sees this as more of an opportunity than a challenge is recognition that even his marketplace is not static - this is a tribute to his positive and assertive outlook.

Company architects are [or should be] focused more diligently on grooming future executives on the strategic needs essential to run the business profitably in their NEW marketplace in the near future.

Let's face it; few executives get by today without a reasonable understanding of how to work a computer, the Internet, Excel, PowerPoint and so on. Just a few short years ago, it wasn't uncommon for senior exec's to rely totally on assistants for technical support - rendering their [exec] desktop computers as entertainment devices showing pretty fish and flying toasters.

What will tomorrow's corporate executives need to know? Will they need to be experts at computing? Will an MBA Degree be enough? Will the future of the company dictate a better understanding of Corporate Law ? International or Domestic ? Human Resources Issues, Strategic or Crises-Management expertise, Techno-Mechanical knowledge? ? etc.

In order to groom the next generation of corporate management, planners must be absolutely clear on what [broad-based] tactical skill-requirements will be essential for corporate leadership and growth. A clear and unequivocal business plan in tandem with future leadership skill-set-deliverables is the integral ingredients necessary to ensure the success of leadership succession.

No one's saying the CEOs of the future have to be experts in all fields or in all disciplines. Nevertheless, it will be increasingly more important that senior exec's have a comprehensive understanding for the challenges and disciplines for which they are ultimately responsible and therefore must manage.

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

Bottom Line:

Succession Planning is strategic, tactile and deliberate involving a clear understanding of how corporations need to change in lockstep with strategies designed to groom future leaders to meet the need. Successful 'Transitionists' understand Succession Planning is both an Art and a Science.

About The Author

Paul Shearstone aka The 'Pragmatic Persuasionist' is one of North America's foremost experts on Sales and Persuasion. An International Keynote Speaker, Author, Writer, Motivation, Corporate Ethics, / Time & Stress Management Specialist, Paul enlightens and challenges audiences as he informs, motivates and entertains.

To comment on this article or to book the Pragmatic Persuasionist for your next successful event we invite to contact Paul Shearstone directly @ 416-728-5556 or 1-866-855-4590

www.success150.com or www.success150.com.

Wood Dale Chicago prom limo .. Lockport Chicago limo O’Hare
In The News:

Fueled by artificial intelligence, CyberDog the robotic dog is designed specifically locate fire ant nests, which are endangering ecosystems.
Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents
Internet browsers are useful, but they can be dangerous. Clicking on malicious links can direct you to dangerous websites that steal information or infect your device.
Apple's latest iOS update introduces advanced artificial intelligence capabilities, which may be capturing and analyzing sensitive information.
Breach site confirmed 56,904,909 Hot Topic users' data leaked online. Tech expert Kurt “CyberGuy" Knutsson says the company's silence makes matters even worse.
Tech expert Kurt “CyberGuy" Knutsson discusses how an innovative Easy-Way kit turns standard strollers electric, simplifying navigation for parents.
Tech expert Kurt “CyberGuy" Knutsson talks about T-Mobile being hacked in broad cyberattack on global phone and internet companies.
Tech expert Kurt “CyberGuy" Knutsson shows you how to add, customize and manage widgets for quick access to apps and info from your iPhone home screen.
Wrong Google searches can not only compromise your device and personal data. They can also bring law enforcement to your doorstep. Hackers are targeting Google searches.
China's Shanghai Kepler Robotics has developed a new humanoid robot that can carry up to 35 pounds per hand for commercial applications across various industries
Checking your hearing has gotten easier with the new hearing test feature in AirPods Pro 2. You can take reliable hearing tests using your iPhone or iPad.
Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.
Kurt "CyberGuy" Knutsson explains how a VPN — virtual private network — works and how running it can slow down the operation of your device.
The WalkON Suit F1, an exoskeleton developed to help people with disabilities, can actually walk over to a person in a wheelchair, solving a major problem.
ClickFix, a new scam targeting computer users, is on the rise in the U.S. The scam prompts its targets to click on a link to fix a problem.
Skydweller is the world's largest unmanned solar-powered aircraft that can stay airborne for weeks, and even months, without refueling.
The U.S. government said it is investigating after People's Republic of China hackers targeted commercial telecommunications service providers in the U.S.
Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.
Scammers are using increasingly sophisticated ways to lure unsuspecting victims, and some are impersonating an email help desk or support team.
You can unsend or edit your iMessages with the latest iOS updates. Kurt the CyberGuy explains how you can save yourself some potential embarrassment.
Kurt “CyberGuy" Knutsson says there’s been a rise in cybercriminal services using hacked police and government emails to send subpoenas and data requests to U.S. companies.
Kurt “CyberGuy" Knutsson discusses how Axiom Space and luxury designer Prada are collaborating on NASA's Artemis III spacesuit design.
Voice assistants may cause confusion across devices. Tech expert Kurt “CyberGuy" Knutsson offers some solutions to fix it.
Shameless scammers trick veterans into giving personal info or cash. Tech expert Kurt “CyberGuy" Knutsson explores five common scams.

Mining Market Data

With a heightened awareness of opportunity, ideas can often be... Read More

Business Process Methodologies

I've either been involved with or held a process-related role... Read More

Getting Started with Succession Planning: Part II

Succession planning requires the owner of a small or medium-sized... Read More

Why 9 in 10 Businesses are Overspending on Day-to-day Expenses

Experts estimate that 90 percent of Australian businesses are overspending... Read More

Mastermind Your Way to Success

What do Mark Victor Hansen, Robert Allen, Anthony Robbins, Andrew... Read More

Succession Planning: Problems Getting Started

A survey released by the American Institute of Certified Public... Read More

How To Leverage Your Current Ideas And Products Into Multiple Revenue Streams

Diversify - to make diverse, give variety, to balance, to... Read More

Call in the SWOT Team: Produce More Opportunities to Expand Your Business

Have you ever done a SWOT analysis? No, it's not... Read More

The Power of Strategic Thinking: Creating Meaningful Success

Too much goal setting and strategic planning can leave you... Read More

Three Steps to Give Your Strategic Plan Traction

We all agree Strategic Planning is a critical part of... Read More

19 Questions to Supercharge Your Business Plan

Whether you are seeking capital for your company or are... Read More

Changing Strategy Without Losing Your Customers - Three Vital Steps to Refining Your Strategy

American Eagle Outfitters and Wet Seal Stores have issued statements... Read More

Making a Decision to Outsource: Strategic Constraints

Many companies are reluctant to dive into outsourcing ocean because... Read More

Secrets Of Effective Brainstorming

Have you been in a "brainstorming" session where each person... Read More

GOT MEME? How to Attract Your Clients and Customers Attention

No "meme" isn't a typo and Got Milk, the more... Read More

Shortening Product Life Cycle!

The current state of the available technology at the disposal... Read More

Nine Succession Planning Mistakes Small Businesses Should Avoid

1. Attempt Succession Planning Without Other Strategic Plans. Succession plans... Read More

Executive Summary for Business Plans of Franchisees

Writing a business plan for a franchised outlet of a... Read More

Rules to Setting Business Goals and Objectives: Why and How to be SMART

We all know that nothing runs without a plan, and... Read More

Don?t Allow Yourself to Get Burned

I am not a big fisherman, but I do enjoy... Read More

What Every Service Provider Ought To Know About Writing A Business Plan

It's easy to lose sight of what needs to be... Read More

The Chasm of Change---- Restructuring ----- The Goliath

Richard L. Daft one of the country's recognized academic leadership... Read More

Business Planning and the ?Bozo? Factor

"Bozo" ? A clown with a forlorn look, always finding... Read More

Financing Business Expansion for Your Small Company

How you finance the expansion of your business is important.... Read More

25 Ways To Find Companies To Buy

When you start your program to purchase your "ideal" company,... Read More

Antigo wedding limo ..