The pandemic has thrown into sharp relief the importance of an institutionalized process for succession planning so that the risk of leadership disruption is always kept minimal.

C-suite leaders, board members and managerial roles are ever more critical for business continuity. The pandemic has brought to the fore a pressing need for risk mitigation and leadership preservation, thereby placing a spotlight on succession planning.

Succession planning is smart business for businesses of all sizes. From Fortune 1000’s to small, family-owned operations, preparing now for the inevitability of turnover in key leadership positions means avoiding instability and disruption in the future.

Despite the increased interest, many business owners or leaders still do not have succession plans in place. Why not? Procrastination for things that are not urgent or imminent. Our tendency is to put it off for another day or avoid it all together. Let’s explore ways to overcome this common mistake and consider some tips to get you started.

According to a recent article by Forbes (forbes.com 4/8/2021) 10-17% of corporations find themselves appointing a new CEO each year. Yet according to ongoing research by the Association for Talent Development, only one-third have a formalized succession planning process. Past research by Deloitte (deloitte.com 9/27/2018) confirms this gap: 86% of surveyed leaders consider succession planning an urgent or important priority while only 14% report doing a good job with it.

McKinsey reported the average CEO tenure at a large-cap company is now about five years vs. ten in 1995. (McKinsey.com 5/2020)

The event is meant to explore best practices, answer relevant questions and offer new perspectives over the topic.