Creating a succession plan makes the future of your business and your intentions clear to everyone involved. Understanding intentions seems simple and of little impact, but the importance of knowing what the current president or CEO wants cannot be stressed enough.
Being a good mentor not only makes sense from a pay-it-forward point of view, it also makes good business sense. Boomers have all the right ingredients to successfully mentor younger professionals to become successful leaders in their own right.
If you're like most entrepreneurs you've learned how to hire the old-fashioned way - by painful trial and error. The problem with that (besides the cost and heartache) is that even if you've found things that work, you're likely not hiring as well as you could giving a bit of outside coaching.
"Hiring for fit" is a critical element of succession planning. Once you begin hiring in this way, it is easier to select people who are eager to grow and have the background and ability to move up within the organization over time.
What does Microsoft need? Probably not a vision. It needs a strong manager, who is slightly left-of-center and willing to break the rules, but has credibility with important constituents (i.e., software engineers).
183 years ago, on June 26th, 1830 -- at the age of 64 years, 10 months, and 5 days -- William IV became king upon the death of his older brother, George IV. (William IV is probably best known for being the uncle and predecessor of Queen Victoria.)
It was business as unusual on the first day of the week in Saudi Arabia, as millions of Saudis woke to the disturbing news of the passing of Prince Sultan bin Abdulaziz, long-time Defense Minister and heir to the throne since 2005.