Choosing a new or successor executive is one of the most important roles for any business owner and is one of the most difficult. Leadership succession is about more than conducting an executive search or just promoting from within. It is an opportunity to plan for the organization's future without the pressure of a leadership crisis. A good plan focuses both on who will serve as the next Leader and how your organization will overcome potential challenges with new leadership.
A Leadership Succession Plan provides your company with more than an org chart and job list. A Plan exists as a living document that responds to changes in the marketplace as well as business strategy. It clarifies what happens before AND after a transition providing your organization the continuity it needs during such a major change. Your Succession Plan includes:
- What-if scenarios and contingency options for leadership departures, planned and unplanned;
- Identifying necessary leadership competencies;
- Identifying potential internal candidates and creation of a professional development plan;
- Utilization of outside talent search options;
- Communication plan for the public and key stakeholders;
- Operational plan and roadmap to take the company to the next level.
“Cornerstone helped us develop a solid succession plan that has not only prepared our next generation of leadership but also taken our company to the next level. I'm more excited about our company than I have ever been."
Michael Satrazemis, Founder of Filmwerks