Most succession plans are written for a crisis that never quite arrives in the form expected. A sudden departure, a regulatory change or an acquisition can leave a leadership team exposed within weeks, and the institutions that cope best are the ones that started planning years earlier.
Know your internal bench
A credible plan starts with an honest assessment of internal candidates: who could step up now, who could in two or three years, and what development would close the gap. External benchmarking helps boards see how those candidates compare with the wider market.
Keep the plan alive
Succession planning is not a document to file away. The best boards revisit it every year, test it against real scenarios and keep a quiet, confidential view of outside talent, so that when the moment comes the decision is considered rather than rushed.
