How to Prepare a Succession Plan
Making plans for choosing future leadership is vital to the health of an organization. Current leaders cannot remain in their roles forever. A succession plan will make the transition smooth and less stressful. A succession plan will help explain who has the decision-making responsibility to appoint new leaders. Each step in the process should be explained thoroughly and clearly to prevent confusion.
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Instructions
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Announce that you are in the process of preparing a succession plan, and that it is an ongoing goal for your organization.
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Assess the current hierarchy of leadership before starting to look for new leaders. Make a statement of commitment to this action.
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Describe how interim leaders will be appointed during the search process. Make sure the plan for this step does not break any contractual agreements in your organization.
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Outline the time frame for appointment of interim leaders. Set a deadline.
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State the time frame or deadline to appoint the committee in charge of the transition.
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Describe the role of the transition committee. Responsibilities should include structuring the search plan and assessing the company. The committee should keep stockholders informed of the current status with the search for succession leadership.
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