One aspect of leadership that’s often overlooked is succession planning—the process of providing for future leadership in an organization. Few of us bother to think about what will happen after we've exited the scene, and frankly, many leaders don't care. But succession planning is crucial to any organization's long-term success. Some companies that have been around for centuries, such as Lowenbrau and the Hudson's Bay Company, have excellent succession planning traditions in place, which is in no small part a reason they have lasted for so many generations. As practiced in the modern business arena, this process essentially boils down to "buy or build." Either you hire proven leadership from outside as needed, or you cultivate new leadership from within. The second option provides … [Read more...]