CONSIDERATIONS: This scenario can be avoided if there are multiple people who may be possibilities; groom them both. At some point one is likely to become the front runner. Just make sure you provide each with the necessary training, development, mentoring and guidance so that you are giving each a fair and equal chance. If you have multiple people you are grooming, let them know this. It isn't fair for one person to believe they have 'the job' and not be aware that there is competition. If at any point it is obvious that one candidate isn't going to make it, then you need to be fair and let them know they are no longer in the running. You may also need to be prepared for them to make the decision to leave your company.

It's very important that you understand that you cannot run the business until the day you leave. Your leader(s)-in-waiting need to be given the opportunity to make decisions try new ideas and make mistakes under your tutelage. This provides you with the opportunity to help them learn, understand how they think and to gain trust in their ability. Handing over the reins is best managed in a gradual process. This way the company staff will have had the time it takes to begin to view the incumbent as the new leader.

Putting a succession process in place is crucial to the success of any company. The key people you've identified in your plan will eventually be accountable for making certain that your company is capable of overcoming challenges and obstacles in the future.

Unfortunately, succession planning tends to be one of those initiatives that many business owners and leaders can't seem to find the time to start until it's too late. A strong word of caution here: if you don't address succession planning now your organization may end up facing the burden in the middle of a crisis.

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