Don’t Be a Chicken. Get a Succession Plan, I Dare You!
March 3rd, 2010 by Lois Melbourne
I know I’ve been writing a lot about Succession Planning lately, but this business discipline is in need of serious management and strategic attention and re-creation. I found this article, Opening Up Succession Plans, about Frontier Communications’ succession planning particularly interesting.
I’ll let you read it and then I’ll ask a question…”Are you a CEO afraid to build out your succession plan because it’s planning your own funeral?” I have at least two pieces of advice for you.
First, you need to find some good Mid-West American sensibility and get over it. You know it’s going to happen sometime. Of course you plan your own funeral – if you want it to go your way!
Second, most public company CEOs are compensated with a large amount of shares in your company. If you want those shares to be worth more after you leave, then you need to develop a really strong team that can rise to the occasion and excel after you’re gone.
Any CEO who thinks the company will tank after they leave is not only an egotistical fool, but also a poor leader because it proves that they didn’t develop their team. Hmmm…
The same goes for every manager who is afraid to create your departmental succession plan. Come on…what are you afraid of? Get a succession plan – I dare you!
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