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Why do people often put off Succession Planning?

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Not many people want to think about their own death; a serious illness or disability isn�t much better to think about. And retirement often seems a long way off, or you don�t think you even want to retire. And for many leaders who�ve spent most of their lives building up a company, whether it�s a family-owned business or a corporation you�ve helped mold and grow, it�s hard to disassociate yourself from the company. The thought of anyone else running the company is often painful.

For these reasons, many people put off Succession Planning. Quite simply, their emotions get in the way. But it�s those feelings of pride and ownership in a company that really should push you to make a Succession Plan, not ignore it. Succession Planning is the act of creating a plan for the inevitable�your departure�because you care so much about the company. If you didn�t care, you wouldn�t be where you are today.

Procrastination also occurs because leaders think they�re too busy to plan for this life-changing event. But the truth is, it�s another important part of a thriving business that shouldn�t be ignored, just as boosting the bottom line and keeping customers happy is a big part of business. The small amount of time it takes to create a Succession Plan will save hundreds of hours of time after the fact cleaning up the mess made from a departure with no plan.

Lastly, leaders may opt not to choose a successor, because they think no one can handle the company as well as they do. While that might be true in some cases, isn�t it better to find someone now and start giving them the skills needed so they�re prepared instead of dropping them into the position at the last minute with no preparations?

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