At some point in the life cycle of every business, the topic of succession will come up. Succession planning is critical, yet something many companies put off until it is too late. This is one of those high risk moves every CEO ultimately has to make. Where do you look for the best candidates to fill that role?
The research says a proper hire from inside the business has an 80 percent probability of success. Do you have an accomplished, high-performing executive who's lined up to become your successor in the next 1-2 years? Is that person also humble, always learning, and never satisfied with the status quo? If so, this training would be a great investment for your company.
Your successor will work one-on-one with an advisor to attain business and professional development goals. They will also be in a group of other succession candidates and will learn how to shift thinking from functional areas of focus to an elevated, CEO perspective. There's a focus on building self-awareness, adding leadership capabilities, and learning the secrets of how to allocate time to be most effective - and have a life outside of work.
The lesson here is that when it comes to thinking about succession, look to build a plan around the members of your executive team with the talent and strengths that align with the center of your business.