In an ideal world, a CEO selects and preps a successor. He shows up at his retirement party, collects the gold watch, and heads for a life of bliss on teeing grounds and putting greens. His replacement hops onto the throne, transitions smoothly, and everyone lives happily ever after. Unfortunately, theres a big gap between the ideal and the real, because outgoing business leaders unknowingly take the wrong approach to succession planning.
Most executives work on the premise that their successor must be worked through the ranks. This is a common mistake that rarely yields the results you want. Say you run a multi-million dollar a year firm, and you know that in the next ten years, youre going to step down. Your current strategy revolves around two main vice presidents and a cluster of managers. All of them are presently doing a great job, but none know how to fill your shoes at this time. The current plan is to take one or two managers and get them up to speed over the next few years so they can take VP-level positions: one for operations and one for finance. Then after a few more years, youll start training them to do your job. So whats wrong with this...
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