Every organization should have a plan in place to assure a smooth transition when any of the top management leaves the organization or moves to a different position. Succession planning involves methods for identifying the people within the organization who have the potential to fill leadership positions. Once identified, those individuals need a development path to ensure they are prepared to rise within the organization when the time comes. These planning efforts are critical to the stability of your organization. Succession plans may endure for years and are often paired with a strategic plan for the organization.