Selecting and Grooming Your Successor

Identifying the right person to take over the reins when you leave is a process that requires careful thought and planning, particularly if your successor is a family member or key employee.

When selecting a successor, you'll need to:

  • Establish measurable criteria for assessing potential successors
  • Identify suitable candidates
  • Identify gaps in their skills and experience
  • Create and implement management development plans
  • Evaluate successor candidates
  • Select a successor
  • Train and prepare your successor to run your business
  • Communicate to key stakeholders
  • Manage the transition

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