A sound succession plan is a must for every business. But even the best-laid strategies can go awry. Here are some steps you can take to fix a shaky succession plan:
Compare progress to plan. Don’t rely on vague notions of why your succession plan isn’t working. Identify the specific gaps in its execution. Also consider how your impaired plan is affecting your company’s bottom line, productivity and morale.
Be a communicator. Inform key parties about the problems, such as your successor, members of your board of directors or advisory board, managers, family and key nonfamily employees, shareholders and investors, and professional advisors such as your attorney and accountant.
Hit the pause button, if necessary. Don’t be afraid to retain control of the business a little longer while your next-in-line resolves his or her shortcomings or while other problems are resolved. Alternatively, you might name an interim CEO.