Succession planning for your company’s future [video podcast]
In this edition of the Vistage Podcast series, CEO and best-selling author Patrick Ungashick builds a persuasive case that succession planning is not a task to be put off for some distant day. Instead, this succession-planning veteran of more than 25 years advises that effective succession planning is rooted in the actions that business owners and CEOs take today. Prudent leadership development and creative networking go a long way toward building a solid succession plan for your company’s future.
“You need to strategically develop your team and you need to plan for expected departures,” he said. “Succession planning for tomorrow is so much more about the decisions that business leaders make today.”
Watch the podcast and see if you agree with Patrick that there is no time like the present to plan for succession.
Succession planning: Next steps
Once an organization has made the crucial decision to assess its succession planning needs, several tasks must be addressed. How will you undertake the brass tacks of drawing up and executing a plan? Vistage member and strategy expert Marc Emmer offers 8 steps to take toward a succession plan.
With practical goals established and a plan in the works, the central issue is where to find the leaders pivotal to the succession plan. Vistage speaker Scot Hunsaker offers an exercise for organically Identifying the leaders for your succession plan by looking within your own organization.