Prepare your successor to succeed

It is human nature to focus on the here and now — relegating the future to the back burner. However, when it comes to operating a business successfully over the long term, it's critical for leaders to choose and groom their successors effectively. While identifying the right talent and selecting someone who has high potential and can assume a key leadership role is essential, it is not the most important step in the succession process. Ensuring the success of your future choice is far more critical to your company.

Unfortunately, I have witnessed many leaders knowingly or unknowingly sabotage the success of their successor. The reasons for this sabotage are varied. Many leaders are ambivalent about creating a succession plan. They have difficulty thinking about letting go of their current role and responsibilities. They might not have a clear sense of what's next in their life, may be fearful of those prospects, or truly don't believe anyone can replace them.

However, if you are thinking about the future of your company, clients and family, that is flawed thinking. For the impact of your contributions to your organization to be sustained over time — or for the company to be sold for the financial well-being of your family — you as the leader need to go. The fact is, the more valuable a leader is to his or her operation, the less valuable the business is.