Succession planning for key positions has its prerequisites whether you work in a small family business or a large corporation. Talentmgt.com pointed out to these prerequisites in an article titled "Ten pillars of succession". The pillars, formulated by the International Succession Planning Association, are mutually dependent and it is therefore not enough to meet only some of them.
1. Involving the company's owner or majority owner
2. Linking the future generation of corporate leaders with future financial targets of the company
3. Linking future leaders with the company's business strategy which may change in the future
4. Focus on the influence of new leaders on the company's business results
5. Involving succession planning into the overall strategic planning of the company
6. Supporting management synergy and cooperation
7. Ensuring continuity of leadership
8. Process of (internal or external) identification and development of successors
9. Linking with existing succession planning practices at the family or top management level
10. Tracking the dynamic evolution of the family and top management
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