Boost your business value with succession planning

Purpose This paper aims to put forward the view that, when the owner‐managers or drivers of a successful business have to give responsibility to a new management, careful succession planning can minimize the risk of damage and enhance the value of the business. Design/methodology/approach Explains the various aspects of good succession planning, and how they can be put into practice. Findings Emphasizes the importance of optimizing the contribution of existing management, staff and workforce through, for example, job rotation, training, coaching and mentoring. Concedes, however, that it will not be possible to promote from within in all cases. Practical implications Contends that employees will be prepared to make a deeper commitment to an enterprise that invests in them and their route to achieving their personal ambitions, perhaps through promotion. Originality/value Advances the view that the future performance of any company depends on the thoroughness and vigor of today's succession planning.