After you ......

Buddhism deals with one of the mostcoplex topic - death , and the way of doing it is very simple imagining every day as your last day and thinking what would I do if this is my last day of life today . For an entreprenuer or an executive who is running a business succession planning should be a similar afair , specially for entrepreneur it is life changing matter to leave the organization they built from scratch , so continously they need to have succession planning in thier mind , what if I leave this company today - who will be the most suitable person to run it after me . In case of family managed businesses answer to this question is crystal clear , Children are going to take over one day and a great deal of effort is spent on grooming children on thier future role from education to th ecorrect experience and mentorship . For organizations which are professionally managed , succession planning and next line leadership is the buzz word of the day and it has been there from more than couple of decades but the success of such programs is always questionable . In very few such organization we will have a clear visibility as who will be running the show after the current leader. Consider example of GE where Jeff immelt had clear step wise vision placed for 3 prospective leaders out of which Jack welch came out as clear winner , some thing similar happened in ICICI recently where 3 strong candidates were mentored for the top post . Such succession plannings brought predictability in the business and hence no knee jerk reaction in the share market when a new leader is announced about whom stakeholders dont have any idea. However it may sound easy to say that one should always be in look out for his successor when he is in top job but thats the beauty of being in top job that you probably never want to leave it ... It is as hard as thinking about end of life ...