If you are part of the business world, you probably know how crucial is the issue of succession of positions.
A decision not very easy, and capable of generating conflicts if it was not the leader who made the final decision. When the decisions are up to you, it is up to you to select the alternatives in case of your departure, however there are some aspects that must be taken into consideration.
Criteria for Selection
To whom? Depending on the type of company and its size, the possible successors may vary. For example, many would think of their own son or daughter, but is he or she qualified to fulfill such a role? As appealing as this may sound, the decision should be considered with a cooler head.
Does this person want to take over the management of the company? No matter how much faith we have in one of our candidates, nothing indicates that this is their desire. Does this mean that I should rule out potential candidates? Not necessarily.
As a contingency for situations like these, what you should do is not choose a single successor, but consider several possible candidates, in a certain order of preference. If option A is unable or unwilling to take over, then there is a plan B. If the same thing happens, there is a candidate C, and so on. Your word will be considered and probably respected, thus avoiding certain internal conflicts and fights for the position.
Consider options from inside and outside the company, who you think your vision and mission may resemble.
Evaluating Options and Objectives
When considering the future of your company, it is important to reflect on several aspects:
-Long-term vision: what are your goals for the company beyond your involvement?
-Values and ideals: What fundamental principles do you want to uphold?
-Legacy: How do you want your company to be remembered and continue to operate?
To avoid conflict and ensure a smooth transition:
-Document your wishes: Leave clear, legally binding instructions.
-Communicate your plan: Inform relevant parties of your intentions.
-Update regularly: Review and adjust your succession plan from time to time.
Final Considerations
Remember that succession planning is not just about choosing a leader, but about ensuring the continuity and success of your company. By taking these steps, you are not only protecting your legacy, but also providing a solid foundation for your company's future success and growth, even in your absence.
If you want help regarding this issue, we remind you that in our Special Services, you can find the Business Plan,, in which we are dedicated to accompany you and advise you on a contingency plan for your company, in case something happens to you. Contact us if you want to know more about it and leave everything organized today, for the day of your farewell.
