If there’s one inevitable in business aside from death and taxes it’s that the CEO will always leave, so succession planning is essential. But why hire an expensive headhunter when the right person could already be in your boardroom? Asks Richard Harpin

As the new football season nears kick-off, I’ve been pondering that famous old adage about life’s inevitables. We all know about death and taxes. To which I’d add Newcastle United threatening to win the Premier League but never quite managing it. I hope this year they prove me wrong!

In business, there’s another inevitable and one which so many ignore: the CEO will always leave. So a robust succession plan is essential. Not just before he or she departs but once they’re appointed. It doesn’t matter how big or small your business, don’t be ill-prepared to replace the most important person you have.

And that replacement might be right in front of you. One of the most common subjects raised during my weekly workshops with entrepreneurs of growing businesses is whether succession plans should focus on internal promotions or evaluating external candidates. My advice is always the same – if you have a great business that’s been growing rapidly and has successfully evolved, it’s better to promote someone from within. However, the business may have outgrown your internal team’s capabilities, or you’re struggling and evolution has slowed down. In both those cases, you might need a new face to shake things up.

If you’re looking for an ‘insider’ CEO replacement, someone who knows the business intimately, look no further than the boardroom. Why hire an expensive headhunter when the ideal candidate could be already there?

Just under two years ago, Allison Kirkby moved from being a non-executive director at BT to taking over as CEO. When she joined the share price was just over........

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