Ten Keys To Succession Success ?

Succession planning isn't like flipping s switch. It's a process that requires time - as long as five to ten years - to implement successfully.

Whether you are running your own business or act as one of the'departing' leader ,it's important to recognize that you're not stopping. You are changing direction, moving from something to something else.

Here are some keys to succession success:

1. Start early. Give yourself time to plan, to put systems and people in place to assure that your organization is prepared to make an effective transition.
2. Plan , build alignment. Bring your key people - current and potential future leaders, together to develop a shared vision of the future organization you want to create together.
3. Don't 'bet on just one horse.' Build a cadre of potential future leaders. It's impossible to predict who will work out. Finding the person with the right mix of talent, skill, passion and leadership ability is an imprecise activity. Only time will determine who is the best 'fit' to be your successor
4. Stay flexible. Expect bumps in the road, unanticipated obstacles and setbacks. Stay focused on your desired outcome and deal with the problems as they arise.
5. Provide time for ownership transfer. If ownership is involved, the new owners probably will need time to generate the cash to purchase the business.
6. Go out on top. Being the boss is marvelous for the ego. But holding on too long, when you have passed your prime, can drag the company down - even ruin it.
7. Acknowledge your mortality. You may die tomorrow, or get sick or lose your passion for work at any time. A sudden, unexpected departure of any leader can damage, even destroy, an unprepared company
8. Prepare yourself. Decide what you are going to do with the rest of you life. Find something that is purposeful and satisfying. (Timothy Ferriss in "The 4 Hour Work Week" suggests that the two most important areas to consider are continuous learning and service to others.)
9. Take care of yourself now. You might live to be 90 or more and having your health is important to living a fulfilling life. Make it your goal to live a long, active life with a short demise.
10. Develop a personal financial plan. It's important to assure yourself that your goals and your resources are 'in synch.' There is nothing scarier or more jolting than to discover that you don't have the money to support your new lifestyle.

Always ask yourself with these questions: What part will work take in your future life? What activities outside of work are important to you? What do you want your future relation with your spouse and your family to be? What kind of a legacy do you want to leave in your business - with your life?

I encourage you step back and take stock of where you are and where you want to be in 10 to 20 years. Now is the time to prepare for succession success.

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