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Selecting and Grooming Your Successor
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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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