Succession Plan Central to Business Sustainability, Say Experts

In view of the failures of most businesses to exist beyond its founders, experts have called for clear succession plan strategies in firms.

Speaking at his book launch, tithed; “Legacy of Succession Planning in Management”, Mr. Lawrence Okpako, said the failure of most business owner to integrate succession plan beyond managerial activities remained a barrier for companies to move to next generation as seen in developed countries.

He said the practice of grooming employees for more senior roles, typically referred to as replacement planning was not enough, but a smart planning to make sure organisation can continue to grow and move forward.

He said: “Succession plan must be a deliberate effort plan to include; proper employment procedures, motivation, training for the person that understand the operations of the business and has flair for the job.

“Centrality of the book is for business continuity in the sense that without the leader the business cannot continue, because every business is a going concern for the owners and for the next generations,” he added.

The book defined succession planning as a systematic approach to ensuring leadership continuity in an organisation by recruiting, or encouraging individual employee growth and development. It also explained that succession planning was also process of identifying and developing new leaders who can replace old leaders when they leave.

On his part, the book reviewer noted the inability of most businesses to outlive the owners was mostly tied to poor or lack of succession planning, especially family owned companies.