Why Succession Plan?
Here are five good reasons why succession planning is worth the effort: 1) History’s On Your Side: History provides us with a sobering lesson when it comes to succession planning. The 1990’s business classic “Built to Last” researched the habits of the World’s most successful companies. The authors made a startling discovery. Across seventeen hundred years of combined corporate history, only four individual cases were found of an outsider coming directly into one of the successful companies as chief executive.[6] The researchers concluded it is extremely difficult to successfully bring in persons from the outside who can effectively manage a company and suggested companies should have clear succession plans in place to ensure smooth transitions and consistent direction as the company ages. 2) Business Continuity: When a staff member leaves a pivotal role within an organisation or project team, succession planning ensures that someone from within the existing team is able to competently
