In this episode of the Inside BS Show, Nicola Gelormino and Dave Lorenzo discuss the importance of having a management succession plan in place. They provide seven best practices for implementing a management succession plan, including starting early, identifying key positions and competencies, assessing and developing talent internally, creating individual development plans, implementing a mentoring and coaching program, encouraging cross-training and exposure, and regularly reviewing and updating the plan. They emphasize that having a management succession plan adds value to a business and is crucial for long-term success.