9. Rethinking Succession Governance

Leader. If the current leader (especially the founder of the business or a family member or non-family executive who has had a great influence on the business), can play a constructive part in the succession process, the probability of a smooth transition is vastly increased.

Ownership. The process of succession should focus the attention of the ownership group and trigger a discussion about the business as an asset. Succession for change should not be a surprise for the ownership group.

Board of Directors. Succession is a process where a board of directors is particularly well placed to add value. Even if it does not have formal responsibility for the succession process, a board of directors can serve as the conscience of the succession process.

Senior Management. Putting key managers in charge of experimenting with new business models gives change efforts a real chance to succeed. Preparing strategic change goes hand in hand with preparing succession for change.