'Succession planning should be a critical part of every strategic plan.'
By Anthony J. LoPinto|June 12, 2007 at 10:57 AM
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What could be more vital to a company’s long-term health than the cultivation of future leaders? Yet, more often than not, real estate companies, even well-established REITs that one would expect to have more organized and disciplined human resource functions, do a poor job, at best, planning for management succession. This is true not only in the transition of the CEO or other C-Suite positions, but also throughout the entire organization–down to acquisition officers, senior accounting personnel and other critical positions in a dynamic real estate company. Succession planning should be a critical part of every real estate company’s strategic plan, large or small, public or private. The process will ensure an orderly transition and continuity of management, and along the way provide a thoughtful evaluation of the team, which will uncover gaps and opportunities. There are also some important by-products of a well-executed succession process: less likelihood of an organizational crisis, development of a deeper bench of talent and less need to go outside to recruit people–not good for my business, but much better for yours!
Tony LoPinto is CEO of Equinox Partners, an executive search firm specializing in the real estate industry, and parent company of SelectLeaders. The views expressed in this article are the author’s own.
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