Will it Still Rain After Your Rainmaker Leaves?
There’s no getting around the fact that when a rainmaker leaves a company, it’s harder to bring the rain. At least, for a while.
But it doesn’t have to be a parched existence without your prized superstar who retires or leaves unexpectedly. Witness Apple’s recent CEO transition. The succession from Steve Jobs to Tim Cook was carefully crafted and planned so that when it became critical to implement, it was far less painful than it could otherwise have been.
And at many companies, retiring baby boomers will soon begin to drain the executive ranks – they can’t stay forever, regardless of how challenging the personal economics of their retirement might be.
If you’re at a smaller company, succession planning is a similarly important challenge. Here’s a link to a recent article in Construction Equipment Distribution magazine that outlines the “8 Must-Haves of Successful Succession Planning” for small businesses.
Does your company have a clearly defined succession plan for key positions?