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Succession planning is one of the key responsibilities of the leadership team
It doesn’t matter whether you are a small family business or a multinational concern; succession planning is one of the key responsibilities of the leadership team. Maybe in times past this was less of a concern with individuals simply serving out their time, waiting until someone retired in order to take one further step up the ladder; but to be quite honest that didn’t generally serve corporations well in the past, and it certainly won’t do so today.
Admittedly you don’t want to line up a clone, someone who will simply carry the business on as before. But you do need someone who will take that firm foundation which you have worked so hard to achieve and then use it to take the organisation to new heights.
But finding that special someone can be a worry. So much so that a survey by Close Brothers Asset Management has revealed that concerns around succession planning feature highly in the list of the top ten concerns for family businesses. Management succession planning in fact comes in at number two on the list, just behind continuing to develop and remain a profitable business and ahead of red tape and regulation. We also see engaging and developing next-generation, ownership succession and developing responsible future owners, and identifying and maintaining family values occupying fifth, sixth and seventh places on the list.
Whatever the business, the key to successful succession planning is to help people to develop throughout their time with the organisation. Leadership is a journey and it’s never too soon to set people off on pathway towards future leadership success.