On September 8, 2022, at the age of 96, Queen Elizabeth II passed away, leaving behind countless followers and mourners. In a historic act of succession known worldwide, her son Charles instantly became king following her demise. Nevertheless, a comprehensive succession blueprint was firmly established for King Charles III, in coordination with the royal family and several governmental and state bodies, providing meticulous arrangements and directives for the immediate period following the monarch’s death.
While your enterprise may not require a succession plan as elaborate as the one employed by the House of Windsor, insights can certainly be gleaned from Queen Elizabeth and the British royal family regarding succession preparation and maintaining continuity in the absence of a long-term leader.
Identify your goals
The Queen’s official funeral strategy, known as Operation London Bridge, specified the procedures to follow after her passing. This encompassed details and instructions related to the official declaration, the mourning period, various ceremonies, the state funeral, and other aspects—all of which have been and will be showcased on live television.
A company’s succession strategy must similarly establish its immediate goals. This could necessitate appointing an interim leader, initiating a search for a successor, or sourcing talent to fill leadership vacancies. Moreover, it might be essential to implement a contingency plan for emergencies, similar to what occurred when JPMorgan Chase Chairman and CEO Jamie Dimon required heart surgery in 2020. During his recovery, co-presidents and COOs Daniel Pinto and Gordon Smith effectively managed the company for several weeks, ensuring uninterrupted business operations.
Perform a SWOT analysis
The royal family’s line of succession is unyielding, dictated by lineage and parliamentary law. In contrast, most companies do not possess a succession plan that is constitutionally binding. Instead, determining who moves next in line can be a challenging task.
This decision can be complex, yet one effective approach to identify possible candidates is through a SWOT analysis, examining the company’s strengths, weaknesses, opportunities, and threats. What is the existing reputation or public perception of the company? Which elements would you like to preserve, and where are potential areas for growth? Undertaking a SWOT analysis will clarify who is best positioned to steer the company toward its objectives. Unlike a monarchy, businesses can select their leaders based on merit, regardless of whether the individual is a family member, an existing staff member, or an outsider.
Make decisions based on rationale
One of the most crucial lessons from Queen Elizabeth and the royal family regarding succession is that challenging decisions should be made proactively. This involves engaging in potentially uncomfortable discussions to ensure future stability. How many times must the Queen have contemplated her own passing and the conclusion of her reign? Although these thoughts might be difficult, having a plan established in advance enables people to act rationally and trust the outlined steps, rather than being compelled to make choices in a state of emotional distress. While the royal family is mourning, they can rely on the pre-defined guidance tailored for this moment in history. In a similar manner, a business must confront its leaders and engage in discussions that will shape subsequent plans.
Some decisions to consider beforehand may include when to inform internal personnel, external stakeholders, and the media. While placing a notice at the gates of Buckingham Palace wouldn’t be applicable, preparing official statements, press releases, and communication strategies to outline how the information will be disseminated and the progression of events that will ensue is equally significant.
It is also essential to keep in mind that a succession plan is not a “set it and forget it” document. It requires regular reviews and updates in accordance with business goals, timelines, personnel, and various scenarios. For instance, since Queen Elizabeth passed at Balmoral Castle in Scotland, the routes for the procession were tailored to that site, which would have differed (but still been planned for) if her passing had occurred at Windsor Castle, outside London.
Take a step back
Succession plans can be relevant in scenarios beyond death. Queen Elizabeth’s spouse, Prince Philip (the Duke of Edinburgh), withdrew from public duties in 2017 after completing over 22,000 solo engagements; he subsequently passed away in 2021, more than three years later.
There are multiple instances where a leader may decide to step aside and appoint a successor. Regardless of the circumstances, if a leader plans to reduce their primary or daily responsibilities, it is also vital to contemplate if they wish to continue with any other roles moving forward. They may desire a completely hands-off approach; however, as part of an exit strategy, it is crucial to ascertain whether they want to retain some involvement—such as serving on the board or acting as a trusted advisor.
Engage stakeholders in communication
Although the public may not have access to the precise details of Operation London Bridge, it’s clear that King Charles has been preparing for his accession for much of his life. Regardless of their identity, successors should be unified on future steps and responsibilities.
Identifying key stakeholders is a crucial aspect of this process. Who needs to participate in succession planning, potentially involving the recruitment and evaluation of talent, establishing timelines, or liaising with the media? Is it a singular leader, the entire C-suite, a board of directors, shareholders, the communications team, or another party? Additionally, factors such as the company’s financial and legal standing and overall mission may influence the composition of stakeholders.
Once a successor is selected, the succession plan should allow current and future leaders to bridge any knowledge gaps. If feasible, this essential step should include mentorship, relationship-building, and strategic preparation, all aimed at facilitating a seamless transition.
Ultimately, a succession plan should safeguard your enterprise and ensure that crises are addressed as effectively as possible. More importantly, it should guarantee that whether you’ve been on the throne—or as CEO—for seven years or 73, your legacy will endure.
What greater legacy could you aspire to leave behind?
