Abstract
AbstractSuccession planning is similar to the process of purchasing life insurance. Few people enjoy doing so, and even fewer take pleasure in discussing the reasons why it is needed. However, for long‐term stability purposes, both are necessary to prepare for the future. Life insurance is purchased with the mindset of protecting loved ones. Can this same mindset carry over to succession planning for nonprofit organizations (NPOs), which many stakeholders deeply care for as well? Research points to the coming mass departure of NPO executives. Consequently, NPOs must know how to prepare for this exodus. In this paper, information is presented from relevant literature regarding succession planning within NPOs, including who is currently in the executive positions, why this change is happening, what problems can occur during the transition process, and which methods can be used to solve them. Furthermore, guidance is provided on who should be directly involved in the succession process and how these individuals can develop future leaders from within the NPO. Everything is examined through the lens of two leadership theories: transformational leadership and shared leadership. Hopefully, this paper inspires NPOs to start a conversation on leadership development and succession planning within their organizations.
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