“Creating a succession plan feels like writing a will.” This was the response I got from a client after inquiring about his reluctance to develop a succession strategy for his company. When I asked if he had a will, however, my client proceeded to give me a detailed explanation of the comprehensive estate plan he devised to ensure his family was provided for in the event of his death. He also shared that his team of attorneys and accountants reviewed and tweaked the estate plan every year.
For many executives, the prospect of retiring and no longer leading their organization is more unsettling than coming to grips with their own mortality. Despite this reality, it is critical for them to lean into their anxiety and embrace the importance of crafting a detailed succession plan for their company. Identifying and developing successors with whom you can entrust your company will ensure business continuity thus benefiting your brand, your people and your family.
Leave a legacy of leadership. Cultivate great leaders and prepare them to take your organization forward. Invest the time now and be rewarded the opportunity to enjoy the fruits of your efforts for years to come.
Be intentional about it…
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