So you have grown your business to the place you want it to be and you are thinking of an exit strategy or just retiring. Succession planning is all about picking your successor and having them ready to take over when you want to leave, or do something different. Maybe you do not want to be CEO anymore, but still remain as part of the business. Maybe you want to go part time or to start another business.
Succession planning is all about making sure that someone is fully developed and ready to take over.
It depends on where your business or organization is and the talent you have in the bullpen. It also depends on how much control you want to give up. It could take months or it could take years. I have worked with one organization where the President decided he wanted to give up his role of President in three years and came to the realization that it would take his successor that amount of time to learn what they needed to learn to effectively take over the reins. I wasn't, given the level of development that the successor needed.