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3 Keys to an Effective CEO Succession Plan/Exit Strategy

3 Keys to an Effective CEO Exit Strategy Dale CarnegieThe key to making any leadership transition a seamless process for staff and clients alike is to develop a thoughtful exit. By properly planning for these scenarios, selecting a replacement will be less daunting and will support a smoother organizational transition.

Throughout the years of implementing succession plans and corporate training programs in Orange County business owners, the trainers and consultants at Dale Carnegie Orange County have noticed a common theme to an effective change in leadership with continued success.

Here are our 3 tips to ensure you effectively execute on your exit:

1. Define Roles and Responsibilities Early On

The company’s board is typically accountable for the CEO’s succession, but several other stakeholders have some responsibility in the process. The outgoing CEO, senior executives, and Talent/HR leaders all play an essential role in making the transition go smoothly. Having every layer of management involved in this planning could help minimize risk.

2. Embrace Transparency

The news will become public knowledge eventually, so you may as well embrace the transparency now. We find that the best successors are the ones that have the backing of the organization, along with the adequate skills to perform the duties of the role. When you embrace transparency executives will feel more comfortable letting their guard down. This allows the Board to get insights and perspective they would otherwise not get. It will also be easier to understand the cultural implications of certain successors. This will then make it possible to make better decisions for the future of the company.

3. Engage Executive Coaches

External coaches are able to engage with your senior leadership without all the pre-existing cultural bias. When you engage a third-party training company like Dale Carnegie of Orange County, you will have the tools and assessments needed to groom your A-players for greater responsibilities. Making it much easier to identify the best person for the job. On top of this, these programs might also act as a vehicle to get your entire company working towards one main goal for continued success.

Work With Dale Carnegie

Dale Carnegie of Orange County’s award-winning team of trainers and consultants has helped both small businesses and Fortune 500 companies prepare for a successful change of leadership. Depending on where you are in your exit strategy, we can create a customized plan that aligns with your timeline and goals. So you know that your team will be ready when you are.

If you are interested in learning more about our succession planning programs, please click here.

 

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