Succession Planning Explained: Meaning, Types, Process, and Risks
Succession Planning is the disciplined process of preparing a company for leadership, ownership, or key-role transitions before a disruption occurs. In plain terms, it answers a simple but critical question: *if an important person leaves tomorrow, who can step in, how fast, and with what level of risk?* For startups, family businesses, listed companies, and regulated firms alike, strong succession planning protects continuity, valuation, governance quality, and stakeholder confidence.