We have effectively developed our own successors in our careers, and in a way that the successors succeeded and the organizations thrived. Sometimes we’ve developed the staff such that they were able to operate autonomously and our position didn’t need to be filled; the team were aligned and operated with high levels of collaboration.
Phase 1: Assessment of staff leaders; assessment of corporate culture
Phase 2: Development plan; education; interim CEO/president
Phase 3: Pilot new responsibilities by designee
Phase 4: Re-assessment; prepare buy-sell agreements
All phases require that you, the owner/current CEO, are willing to let go and take a risk in order to be rewarded with seeing the organization transform into the organization that will persist through the next leader’s tenure.