The potential upsides of effective succession planning are huge, and yet most companies are not realizing these benefits, even though many are spending countless hours on the effort. Although most succession planning processes no longer work for today’s business realities, companies can make a few key adjustments to derive far more value from this work. They should move from replacement planning to future proofing, from calibration to preparation, from exercise to execution, and from leaders as talent assemblers to leadership producers.