Succession planning is the process of planning for the departure of key personnel. We consider key personnel to be anyone who is critical to the success of your business. Many times an employee's departure is the result of his/her well deserved retirement. However, it may also be caused by an untimely accident, health concern or another employment opportunity.

Succession planning generally is comprised of four steps:

  1. Analysis - Assessment of the company's needs and contingencies
  2. Development - Process of candidate identification
  3. Selection - Choice of the potential candidate from inside or outside the company
  4. Transition - Implementation of the plan