Category Archives: Succession Planning

Hans works for a multi-national company.  He was recently put in charge of a department where 10% of the workforce left in the next two months.  They either retired or moved to another job.  This left Hans scrambling to find appropriate replacements.

After the positions were filled, Hans vowed to never let this happen again. He created a Succession Planning Procedure.  These five steps made it easy for him to be proactive and prepared for any vacancy.

1. Identify Key Leadership Positions.

Hans identified those positions that were most critical. Which positions impacted the company’s core competencies the most?  What were the risks if those positions went vacant?  He drew up a list of vital positions.

Hans didn’t do this alone, he called in supervisors and HR to look at the job descriptions and assess them.  What is the function?  What responsibilities does this job have?  What authority?

Then … Continue reading 5 Fast Ways to Create an Effective Succession Planning Procedure →

Client William asks:  I’ve built up a great business with blood, sweat and tears. Now I want to slow down a little.  I don’t know if I should turn the business over to the kids or promote my best employee.  How do I choose the best succession plan?  I don’t want a family feud.

Coach Joel Answers:  One of the hardest decisions of a small business owner is figuring out the best way for the company to continue to grow and prosper after you are out of the picture.  You are right to be concerned.   Here are some questions to help you make the best decision.

1. What is your vision?

William, what is your vision for the company?  Where to you see it going?  How do you see it getting there?

When thinking of the best leader, you want someone who buys into your vision.  … Continue reading 4 ?’s to Ensure Success of Small Business Succession Planning →

Sylvia Asks: I want to get promoted. I even see the job I’d like to have. But I don’t know how to position myself so that I’ll be the natural choice for that work promotion.

Coach Joel Answers:  Sylvia, wise company leadership have a succession planning model in place. It identifies the skills needed for each job, then helps to match promising employees who either possess or could develop those skills.

When you understand how the succession planning model works, you can take advantage of that knowledge to help groom yourself for the next level. Let’s walk through three critical steps to firmly placing yourself within your company’s succession plan.

1 – Understand the demands of the job you want.

Look at your target position and consider what it entails and the competencies it requires. What kinds of responsibilities does the job have? Write them down.

Next, under each key responsibility, … Continue reading Use a Succession Planning Model For Career Advancement →

Kimberly has been running her info-marketing business for 15 years now.  She’s supported her family and saved a nice nest-egg.  A scary bout with a heart problem sent Kimberly scurrying to develop a succession plan.

“I realized no one even knew my passwords.  If I died, all my information would be locked up on my computer!” Kimberly said.  “Entrepreneur succession planning for me would be a roadmap for my family and heirs to follow if I became disabled or died.  And a plan for me when I get to thinking about retirement.”

Shared corporate knowledge

First Kimberly took time to write down much of what was only in her mind. As the entrepreneur and creator of her business, so much was intuition and her own personal experience.

“I gathered together asset statements, bank accounts, partners, vendors, and all their contact information.”

She listed debts, repayment … Continue reading Entrepreneurs Need to Have an Effective Succession Plan →

Fidel was assigned to manage the succession planning in his company. Little had been done and he needed to identify key management positions and ideal replacement personnel within the ranks.

In the past he’d seen people promoted who didn’t succeed even though they had the proper training and skill sets.  Fidel felt there was a key missing ingredient.

He turned to personality assessments. He looked at Myers-Briggs, the Color Code, Fascination, and other methods to understand the way personality influenced success.

Fidel understood that personality type was only part of the equation in management succession planning, but it was still important.  “The company needs all of the personality types to function optimally,” Fidel said. “I realized part of my job was to create an atmosphere of respect for each personality type, so they felt free to bring their strengths to the table.”

Detail oriented personalities.

Some … Continue reading How to Manage Succession Planning with Personality Assessments →

Dylan is responsible for the succession management of his large company. “Sometimes the results have been frustrating,” Dylan says.  “We plan. We prepare them. We check the past performance of our top employees.

“And still, when they step into that leadership role, sometimes the ramp-up takes far too long.  Sometimes they are less than what we expected.”

Dylan decided to use more quantifiable tools to help him gauge the talent performance of those within his succession program.  “I thought if I could learn some triggers or some key performance measures beyond the standard reviews and recommendations, maybe we could do better.”

Dylan’s goal was to increase the success of those stepping into management roles.

1. Personality.

Dylan determined that personality plays a key role in predicting the success of promotions. “Of course other factors are important,” Dylan said. “But all things … Continue reading 3 Tools to Guarantee Your Talent Performance & Succession Management →

More than just preparing for attrition, a well-run succession planning system gives you a deep bench of leadership material. Use this three steps system to assess and train your leadership bench.

3 Steps to Creating a Successful succession Planning System

Assess Leadership Needs.

The first step to your system needs to be evaluating current jobs. What are the qualities associated with these jobs? What would the perfect candidate look like?

Make a list of leadership skills. They might include, communication, decision making, strategizing, team building, and on to the specific technical skills and knowledge demanded by the job.

Prioritize these skills and choose about 5 core competencies. Then evaluate the jobs themselves to see which are most mission critical. These are the jobs it’s most important to have a succession plan in place for.

Review potential leaders.

Take a careful look at your mid-range management. … Continue reading Succession Planning System →

Sooner or later it will happen. One or more of your key people, probably the one you consider most indispensable, will drop the bombshell: she’s leaving. And you won’t have a clue what to do next.

Unfortunately, many companies never even think about a succession planning program until they are faced with a crisis or emergency. Someone falls ill or gets recruited by a competitor, and suddenly there’s a huge hole in the organization chart and no one is available to fill it. Business interruption, political maneuvering, and a host of related problems ensue.

Every business needs to handle succession at some point, but it doesn’t have to happen that way. While quickly changing circumstances leave some companies scrambling to make fast decisions, others navigate through the situation gracefully—because they’ve prepared long in advance for this very potentiality.

For any organization, succession planning can be a touchy subject, often involving high … Continue reading Who’s Next in Line? How to Design a Solid Succession Plan →