Episode 071 – Effective CEO Succession Planning for Small Business Owners – Q&A with Dr Jay
SHOW NOTES FOR THIS EPISODE
In this Q&A with Dr Jay episode, I’m tackling effective CEO succession planning. It may seem high level, and certainly it doesn’t come up often in my client work, but it should. Because many small business owners simply aren’t prepared for when they need to take themselves out of the business.
This isn’t just about retiring or planning for retirement, it could be anytime – from a sudden illness or just you want to take an extended trip and want to be free to enjoy it.
As CEO, succession planning is the ultimate continuity. It means that if you have to leave, or when you decide to leave, there is someone else who is prepared to step in to keep things running smoothly, and ensure future legacy and growth.
Questions I cover include:
- What is succession planning and why you should be thinking of it ahead of time?
- What’s involved in effective CEO succession planning and where do I start?
- What are the benefits of internal talent management?
- How and when to get started planning my succession?
Resources and support
- Harvard Business Review article: Seven defining tenets of a good succession process.
- McKinsey’s 9-box matrix and a new approach 16-box version
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