As the chart below suggests, succession planning is complex. It isn’t an event, but a process that takes years in the making. A number of very specific challenges need to be addressed and resolved for the process to be successful. One of those challenges might be defining success itself. For sure an inclusive collaborative process has a better chance for success – structuring that process often requires the involvement of outside professionals familiar with the steps along the way.
I’ve published a number of articles related to succession planning in Corp! Magazine. You may also view them here on my website. I hope you find them helpful in thinking about your own situation.