One trait of highly successful people is that they plan everything, from beginning to the end and beyond. Succession planning is one of their tactics. It is a kind of long-term preparation where you identify and develop whoever will take over for you in your business—i.e., managing your successors.
In every other sphere of life, to plan early and realistically is critical and probably not something you need to be reminded of. To plan well and over a long term, however, you will need all the help you can get. This collection features a range of succession Plan Templates to help you get started in ensuring the long-term success of your business.
Succession planning is something you see most publicly in government: Dictatorships line up the heirs to the dictatorship, thereby preventing a power vacuum and an ensuing power struggle. The course of a monarchy is decided by who is in next in line for the throne.
This happens in business as well.
A succession plan in business is a kind of Business Action Plan Template addressing a future scenario of the current leader’s departure, death, or retirement. In this kind of plan, some key internal people with potential are selected and groomed to be replacements for the vacated leadership roles.
A good career and leadership succession plan is the logical extension of a Career Development Plan Template. Whether you have started a family business with your oldest child being the obvious successor, or whether you run a large company whose next-generation leaders must be identified, you will have to draft a comprehensive plan for their advancement.
Use these free samples as guidelines to plan your exit as well as provide for the future of your business (especially for unexpected circumstances; see Emergency Succession Planning Template).
This is pivotal in your overall grand strategy of success.
As a bonus, we have included an Academic Success Plan Template in this list. This is a Transition Plan Template, a planning document crafted around a high school student’s individual strengths, skills, and interests. Such transition plans are designed to prepare a high school student for a post-school environment.
This is especially relevant if you run a family business, as this could be the critical first step in grooming your children to take over the business for you one day.
Use this form for ambitious wards with potential under your care, because excellence is a habit to be cultivated early.