The concept of succession planning has become an important part of many organizations. Many organizations do not have a formal succession planning process in place for all leaders and most senior leaders have not identified a successor. However, if there is no succession planning process in place, how does the organization develop and nurture its talent, move qualified people into successor positions, or plan for the future to fill critical roles? Succession planning is a critical strategy necessary to prepare for the future of your company. Developing a succession planning process involves creating a strategy, business plan, communications plan, analyzing your current process, developing a plan for the future, and gaining buying and commitment.