Leadership Development News Roundup: Succession Planning Edition

Succession planning is essential to every organization’s health. Not only will it allow leaders to have peace of mind in the event of an unexpected departure, but it will also allow for knowledge transfer and financial stability during gradual leadership transitions. Doing succession planning before you need to put a succession plan into action will ensure your clients’ needs are met, protect the reputation you’ve worked so hard build and put your organization in a strong position to thrive in the future.For this week’s Leadership Development News Roundup, I’ve assembled a collection of articles and blog posts with information on the importance of succession planning and how to get it right.

• Rethinking Succession Planning by Putting Clients First. Investment News: “Regardless of your succession path, taking steps to spread the leadership throughout the firm may help you prepare for an expected -- or unexpected -- transition. The Colony Group (“Colony”), based in Boston and with offices along the East Coast, serves as an example, with partners making up 40% of its staff and a dedicated management team focused on running the business and making sure clients do not feel any impact if a leader leaves the firm. According to CEO and president Michael Nathanson, the practice of not spreading the leadership is ‘endemic in the industry. You see so many founders still in control of their firms, and the clock is ticking. You have to continually ask: what is best for the clients?’”

• Five Business Reasons To Implement A Succession Planning Programme. Mondaq: “A stunning example the whole world has seen of how important succession planning is was in this year's FIFA World Cup Finals that were hosted by Brazil. The Brazilian football team was built around two key players, Thiago Silva and Neymar, and as long as these two players were in the team, the host nation managed to progress in these finals. As soon as these key players were missing for the semi-final, the lack of alternative suitable options was evident immediately -- and people in the football world still speak today of this incredible sporting result that the Brazilian national team suffered at the hands of the German national team.”

• Putting Off Your Succession Plan? Don’t. Entrepreneur: “Better trained employees don’t just better prepare your company in the event of an unexpected disability or even death. It also gives you more freedom in the interim and ensures your staff is more fulfilled.”

• James S. Cassel: The Time to Begin Succession Planning is Now. Miami Herald: “First, it’s important to think about how you would like to leave your business. Will you step away all at once, abruptly, or will you do so gradually, transitioning slowly? Part of your transition plan can include extracting yourself from the day-to-day logistics and moving to a more advisory or consulting role.”

• Succession Planning Critical For Independent Retailers. Twice: “One of the most critical issues facing independent [consumer electronics] and major appliance retailers, and, indirectly, manufacturers and distributors, is something that has all the appeal of doing your taxes or preparing a will – succession planning. Elly Valas, member services director at the Nationwide Marketing Group, held a succession- planning seminar at its PrimeTime convention last week. She told me just before the show that this issue is ‘one of the biggest threats to independent retailing today, way bigger than competition or falling margins.’”

Succession planning is one of our specialties. Contact us if your organization could use some help with it, or read our new white paper to learn more about how to create one at your company: Success Labs is a full-service, strategic organizational and leadership development company located in Baton Rouge, Louisiana. For more than 25 years, our expert team of consultants has worked with hundreds of companies to explore their business potential and improve their company and cultural performance. Contact us to get proactive about your people strategy.