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.

• 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