Company Succession Planning

Company succession planning, also known as corporate succession planning, is the process of finding and developing successors to appoint for critical leadership positions or CXO or CEO-level positions in a company. It is a form of long-term planning for a business to preserve culture, skills and reputation built over time.

Company succession planning is a straightforward step-by-step process that lays all the procedures for a company’s change in ownership. The intriguing part of a company succession plan is that the transfer of ownership does not have to go to a family member. It can be a co-owner, a key employee, an outside party, or even another company – whatever ensures its best interest. A corporate succession plan is often also undertaken to understand the strengths and vulnerabilities for critical positions, enabling HR professionals to identify and develop talent whenever necessary.