http://www.thestar.com.my/news/nation/2016/02/21/musa-hitam-dr-m-is-creator-and-destroyer-of-vision-2020/
I will let this record just stand as there are a lot of ideas, opinions and people who would want to comment on the subject matter.
Myself, I had been involved in several succession plans for family businesses. Instead let me offer what I think is useful to make succession plan work.
First of all, we are not immortal.
The word, "immortal" does not mean we cannot die. It means it will take extraordinary period for the person to expire. Be it, 200-500-9,000 years old. Please don't expect us to be cemented, with our eyes moving around, when our body decayed.
Second, succession is a form of open communication.
Parents love to see their sons and daughters to be as they are or better than them. They prefer their own children to inherit the plan than outsiders.
Stop that.
It is better to discuss out openly with the children what they want to be, how they want to be and see how the plan - can be succeeded. The children too must have that skill, capability and abilities to inherit the plan. The main thing is, the plan must be bought - 100% or none at all.
At times, other than children can do it better and they are better inheritors.
McKinsey & Co. is the world's number 1 - professional firm, not because of McKinsey who was a very fine, educated and intelligent man but because he treated people right, and a group of his staff bought the company and retained the name - and made it as they had envisioned.
Third, start early.
Train up successors early. Teach them how to fish, cook char keow tiau etc.
Examine from time to time to see if they are passionate about what they are doing and not doing for the sake of being asked to do something. If they are not interested or don't have the knack in being you, try Plan B and who knows over time, the passion of doing what you do for living, attracts them.
Timing is important.
Fourth, respect.
Stop puppetting your potential successors. They are not your personal assistants, your "mini-me"s, your yes-men or -women. They have their own pride and personalities.
Also they need not be in your image.
Already the new CEO of Microsoft was said to have surpass Bill Gates in terms of achievement. Though a lot of analysts and shareholders are willing to give him more years to make some mistakes and not expecting perfection, but they are happy currently.
"Satya Narayana Nadella is an India-born American business executive. He is the current chief executive officer of Microsoft. He was appointed as CEO on 4 February 2014, succeeding Steve Ballmer."
http://money.cnn.com/2015/12/01/investing/microsoft-stock-satya-nadella-cloud/
Last - above all else...
The Agreement. You must have absolute agreement, not a trial, not a test, maybe it will work, it will not work.
An original plan need not be a "dead" plan. It can be adjusted to suit all parties, the different generation and ideas. A plan that worked 20 years ago, may not work today and therefore improvements have to be made to the plan. A goal can be achieved timely if the line of successors are very clear on objective and delivery. Unfortunately no one can think alike often - therefore changes in successors are choice-less.
The main thing is getting the agreement first, before passing the torch. Make sure there are witnesses.
Should the other back on his/her words, then its ok- move on. Find something else that will keep you happy.
You've done your best.
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If you wish to add ideas here, email us at mienspg@gmail.com.
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