Critical to building value, success and succession is a focus on successor identification and development because, eventually, the owner and key leaders’ focus and priorities shift. Management support is critical to the continued development and deployment of a successor who has not mastered all of the successor criteria at the time of their empowerment as a successor. Learn how to deal with these challenges from an experienced succession advisor team.
Why Is it Important?
- Leadership bench strength builds value. Moving the business to and through the next generation requires available, capable, competent, and committed successors who will provide leadership through the transition.
- Identification and Development is an intentional initiative. Key criteria for a successor candidate are those who exemplify the character, capacity, competence, confidence, community, and commitment required to represent the organization’s mission and core values and drive performance. Most successors need on-the-job training and coaching, which requires time and commitment from the owner.