Succession Planning — the Best Way to Ensure Your Company’s Future

If you’ve seen the award-winning HBO show “Succession,” you know how dramatic and challenging it can be to adequately succession plan for the next generation of business leaders. I’ve personally worked at companies that took succession planning seriously, and those that didn’t, and the difference was stark.If you’ve seen the award-winning HBO show “Succession,” you know how dramatic and challenging it can be to adequately succession plan for the next generation of business leaders. I’ve personally worked at companies that took succession planning seriously, and those that didn’t, and the difference was stark. According to this 2023 report, “three years is the critical tipping point when valuable leaders consider whether they should look for their next opportunity internally or externally.” I’ve felt this in my own professional experience. If there’s no plan for me to move up internally at a company after working for three years, I’m left feeling undervalued and looking for other opportunities. Developing a succession plan can set your company up for smooth transitions when leaders resign or accept a promotion. A well-thought-out plan can significantly impact employee morale and position your team to skillfully handle future business challenges. Read further to learn the ins and outs