7 Making a Great Exit
At some point in the succession process, your successor will need to know that he is the “chosen one” who is being groomed to replace you. There is no magic formula to determine the right time.
In one case, the successor was chosen three years in advance. Everyone in the company knew who was going to be the leader and had time to adjust to the process. Although this case was a success, I would not recommend it for every company.
In another case, the successor was part of a threeperson “horse race” and was notified very shortly before becoming the CEO. Although this case was a success, I would not recommend it in all cases.
Although each situation is unique, there are some common factors to consider when you are making this ...
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