Succession Planning: How Executive Search Can Help Secure Your Legacy For Generations To Come

I often must stop myself from stating the obvious but on this occasion, I’m going to go for it: Succession Planning is all about planning for the future of the business. It often includes finding the time to “think” and the time to have critical conversations with family members and high potential colleagues. 

It’s about securing the future of the business and often requires a stoic approach –“What happens if Paul wins the lottery? “Great for him but he’s now off on a around the world trip. Who’s going to do his job and make sure that everyone gets paid?”, “What happens if Orla decides to hang up her Ops Director hat and move to Goa to become a Yoga instructor?”… Okay, so that was probably a bit too specific but hopefully you get the point. 

Succession planning is all about making sure that you have a suitable plan B. 

I spoke to our Head of Human Capital Consulting, Chris Mullan and this is what he had to say: 

“Developing your internal talent and hiring for growth potential are two sides of the same coin, they are both essential for building a resilient, future proofed business. Providing investment for internal talent isn’t just about retaining them, it’s about creating a pipeline of leaders who know your business, your culture, your strategy and processes. Plus, it’s cheaper to build your own than constantly having to go to market for new talent every time you need to fill a position. 

In saying that its equally as important to your approach to external hiring. When bringing new talent into your business, its critical to look beyond the immediate role requirements and assess candidates for the ability to take the next 1-2 (possibly 3) steps in their career path. That talent who can demonstrate not only the skills for the current role but also the potential to grow into future positions ensures that futureproofing. Not only does it save money and time associated with recruiting externally it helps create a culture of opportunity which is attractive to high calibre talent.  

Utilising both strategies helps businesses become more agile and resilient. Creating a robust talent strategy will differentiate your business from others in the market and deliver a steady stream of talent that will ensure business continuity and growth.” 

In any business, it’s crucial to have a succession plan in place. If there are no internal candidates (Plan Bs) ready and able to step into the roles of key leaders (Plan As) should they leave unexpectedly, you’ll need to look externally. Being proactive about this is far better than being reactive. 

Recently, I’ve been collaborating with several business owners to bridge the gap between their stepping back and the next generation stepping up. In all these cases, there was a significant gap that needed to be filled, often spanning 10-15 years. Unfortunately, there was no one within the businesses with the desire or readiness to take on these leadership roles, necessitating an external search. 

There’s a huge benefit to taking a proactive approach to succession planning. It means that instead of having to be reactive to the unexpected and having to make a distressed purchase-style decision on hiring, you’ll be able to take your time to ensure you have the right talent within the business, developing and growing until they are ready to take the step up. 

This proactive approach not only mitigates risks but also positions the business for long-term success.