Succession planning involves eight key steps: identifying critical roles, defining essential and negotiable leadership qualities, and assessing internal talent while developing high-potential leaders. Companies should also benchmark against external candidates for fresh perspectives, engage boards and leadership teams for alignment, and provide candidates with real-world assignments to test readiness. Once a successor is chosen, a structured transition plan with clear communication and onboarding ensures a smooth handoff. Finally, new leaders need ongoing coaching and support in their first year to succeed.

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