Succession is also about someone’s entry as a business leader or owner
By refusing to retire to allow a renewal of the government, Mr Howard had failed as leader: “Leadership’s also about your departure, you know,” Peter Costello told the Herald.
Obviously bitter about the result – but the message is clear for business owners as well – hold on for too long at your peril !
Don’t forget whilst succession planning is often about your exit – it is also about the entry of your successor and both need to be managed carefully. The ongoing continuity of your business is one of the key outsomes we must be focusing our planning towards and this is greatly enhanced by:
Not hanging on too long
Identifying the right / best successor
Grooming the successor
Ensuring a smooth handover / transition
Communicating all of the above clearly to all stakeholders.