The popular PBS show Victoria opens in the first episode with the teenage Alexandrina Victoria succeeding the late King William IV as Queen of England. Succession to the British throne was predetermined by a number of rules related to descent, legitimacy, and religion, among others, but even with a detailed succession plan, Queen Victoria's ascent was a little rocky with nefarious advisors.

Succession plans aren't just for British royalty. Associations need them too. "[Associations] are risking wasted time, effort, money, and potential financial disaster if they're not prepared for the loss of a key employee—especially the CEO," says Ronney Reynolds, head of the accounting firm Reynolds & Franke, PC.

Unlike for-profit businesses, in which individuals can make rapid decisions, associations have to coordinate with their boards on hiring, firing, revenue allocation, and more. "It just takes longer," Reynolds says.

However, a written and approved succession plan can ensure that the board of directors and executive committee are on the same page, and that association operations aren't unduly interrupted in the wake of an outgoing CEO. Here are a few tips for creating a succession plan for your organization no matter the circumstances.

[Associations] are risking wasted time, effort, money, and potential financial disaster if they're not prepared for the loss of a key employee—especially the CEO.

Voluntary Exit

Well before a CEO decides to resign or retire, the executive team should decide how much leave notice is necessary—that number should be included in the succession plan. Reynolds recommends that associations think about how much time it takes to replace and hire a CEO, along with whether the incoming CEO will spend time shadowing the outgoing one.

Other considerations include identifying the members of a CEO search committee and determining whether to hire a third-party employment firm to assist in the recruitment and vetting process. Reynolds also suggests setting a deadline on the hire and figuring out whether the outgoing CEO will serve as an acting CEO or consultant for a period of time.

Involuntary Exit

A nuanced plan is needed for a CEO who is asked to leave. In this case, the succession strategy should identify an action plan for approaching general counsel to determine if there is just cause to terminate a CEO. This plan should also include a process for seeking approval of the termination by the executive committee, informing the association staff of the termination, and identifying an interim CEO (or denoting the process for selecting and approving one). In addition, it should incorporate a deadline—Reynolds suggests two weeks after the announcement—for when the search committee will convene to start the hiring process for a new CEO.

Disability or Death

For cases where a CEO is disabled and unable to continue in his or her capacity to serve, the action plan should include a long-term disability policy. In these circumstances, the executive committee should consult with the CEO and his or her doctors about the likelihood of the CEO returning to work. The plan should also include procedures for calling together a special board meeting to discuss the situation and, if necessary, possibly approving an interim CEO. If a CEO dies, the plan should identify an interim CEO and a procedure for informing staff.

Finally, Reynolds recommends reviewing and updating the succession plan each year to keep it top of mind. The association board needs to approve and familiarize itself with the succession plan, he says, so if they need to use it, there's no question about the steps to take.