Succession – the dual significance of risk management and team development

One of my favourite series I have watched on TV recently is Succession on Sky Atlantic.   For those who have not seen it, the series focuses on a media billionaire with three adult children all vying for being their fathers successor.

Succession is a challenge that is faced by all businesses whether they be a family owned business or not. I personally believe succession planning is a fundamental element for all organisations for two key reasons – risk mitigation and team development.

From a risk management perspective, I think its good governance for all company boards to plan for unexpected leadership gaps that may be caused by ill health or accidents such as being hit by the proverbial red bus. 

It is worth asking yourselves if something happened to me or a fellow member of the leadership team, what would happen? 

Who would step in? Do team members have everything and know everything they need? Succession planning isn't just about filling a role on an organogram it's about ensuring the momentum of business operations are maintained. I think by identifying individuals (and importantly letting them know and preparing them) a successor can seamlessly transition into the role, preventing disruptions and minimising the impact productivity, customer satisfaction, and overall business performance.

Succession planning, is often only thought of as part of risk management frameworks and I absolutely believe it is vital that companies do this but it can also be so much more in relation to team development and I think it is also a key point for a leader to consider.  

I remember once having a conversation with someone who said “my teams role is to make me look good” whereas I have the polar opposite view in that I believe it is our job as leaders to develop our team to be the best they can be.

By having these succession discussions, it motivates team members to invest in their personal development knowing that there are growth opportunities. By doing this as part of succession planning it also sends a positive message that we are committed to professional development and ultimately trust the team members to step in at the right time.

I find it is also a helpful context when having 1to1 coaching conversations to help identify knowledge and skill gaps and feed into the personal development plans. Done well it can really help in building a future ready company.

Finally, for those who have not seen Succession, I would definitely recommend it – some great writing where the producer encouraged the actors to also ad-lib leading to what I thought were some hilarious scenes.