Jeff Faulkner

How to Create a Successor Development Program
August 15, 2007

As we have seen in the two previous postings, succession is not a solo endeavor, but requires the involvement of all those who have a vested interest in your business such as your key managers. We’ve discussed the role of a Successor Development Program for the prospective family successor and for each key management position. Let’s now take a closer look at the Successor Development Program.

Assuming there is reasonable aptitude for managing, success will depend upon the quality of the training program. Implementation of a well thought out management training program is in most cases critical to achieving succession. Consider the similarities of acquiring the skills to be a business manager to the challenge of acquiring a college degree. To be allowed into college, you must meet certain criteria and you must be evaluated as to your ability to handle the program. Then you must succeed in following a well thought out curriculum in order to be considered eligible for graduation with a degree. A Successor Development Program is similar. Whether such a program is being developed for the prospective family successor or for the key management positions, it should include the following steps:

1. Determine the candidate’s interest in professional growth and development – If they’re not interested, don’t waste your time.
2. Define the candidate’s Behavior, Attitude, Skills, Knowledge, and Experience (BASKE_sm Package.
3. Identify their areas of interest as well as their areas of strength – If you are a retail organization, realize that every leadership position does not require great salesmanship.
4. Observe and assess performance.
5. Set goals for improvement.
6. Define the optimum target management role for each participant.
7. Design a specific development program for the target management role.
8. Monitor performance and refine the target management role as needed.
9. Provide accountability, feedback, and coaching.

When such a program is followed in an organization, the overall performance of the organization will be enhanced and growth will be made possible. Further, you will not have to worry about an impending succession transition because everyone’s been on board with developing the next generation leaders to ensure a successful transition for a long time. In fact, it will have become the culture of your business to continually prepare for the next generation of leadership. After all, isn’t success really measured by the legacy you leave? And when word gets out that you develop people, you’ll become a talent magnet!

Posted by Jeff Faulkner on August 15, 2007 | Comments (0)