Leadership Change: Here's How to Make It as Painless as Possible

The best succession plans are the result of a dual effort. The board of directors and the current CEO should team up to lay out a succession plan, Tandon says. That means thinking through what is needed in a successor.

The succession plan should have clear objectives and goals — long- and short-term — and include a detailed job description. It should lay out the steps for transition when there is a change at the top, and the plan should include what the organization needs and expects three to five years down the road in addition to immediate concerns. It should also lay out potential internal candidates or the qualities internal candidates should possess to be considered as future leaders.