In what ways can succession planning be regarded as a type of contingency planning?

Answer & Explanation: A contigency plan refers to a plan to achieve an outcome other than in the usual plan. A succession planning involves identifying and developing new leaders who can easily replace exisiting leaders when the need arises.

Succession planning is a type of contingency plan as its goal is to accomodate the transfer of ownership/ managerial roles to a successor should the owner become disabled, dies or unable to operate business.

For example, a business owner may plan to transfer ownership of his business to his child but dies prematurely. Having already identified several successors, as a contingency plan one of them can run the business until the child mentioned in the will becomes of age and able to take over. This ensures the going concern of the business.

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