“Deloitte partner Mike Bird suggests you think of succession planning in terms of four discrete stages: initiation, selection, development and transition. And guess what? Initiation is exactly what we’re doing right now. Thinking about succession. Identifying options. Pondering timelines and goals. Successful large organizations with long-term survivability have succession plans built into their hierarchies and processes. See, succession planning isn’t about passing on the torch, or about taking out your nest egg to finance your retirement. It’s about taking care of current and future business needs. A successful succession plan is borne out of a clearly articulated and understood strategic plan for your business, which identifies current skills and abilities, as well as those you will need in the future. Are you going to grow? Expand geographically? Who’s going to take you there? Are the people with the skills necessary for your business’s success already in your organization? Coming up through the ranks? Trainable? Or do you have to find them? And how necessary to the business’s success are you?”

Full Text at Alberta Venture