There are many different types of succession planning strategies, and each of these strategies has its own pros and cons. While many specialists will encourage you to use a combination of strategies, there are some who will encourage you to specialize in one type of succession planning process.

In order to be successful with succession planning, it is necessary to understand the role of the board of directors and how to conduct an effective succession planning strategy.

Succession planning is important and often overlooked planning part of the business. It’s one that every business should take seriously and regularly update. It should be done as far in advance as possible, as the longer it is delayed the more difficult it becomes to smoothly transition the company to its next generation of leaders.

The great thing about succession planning is that it is a holistic process. It’s not a one-size-fits-all concept. It’s too big to fully explain in a single episode, but still, in this episode, we have talked about 10 strategies that will help you to understand the components of the whole process.