Succession Planning

Looking for the right successor website pic

Is it time to pass along your business to the next generation of leaders? Succession planning is a multi-year process of transition and transformation.

I know the delicate balance between the logical and the emotional when transitioning your blood, sweat and tears to someone else. After all, I know you want to shape the future for success while still honoring the past.

The most common pitfall facing the succession of a family business is not trusting the next generation to do it like you did it. The fact is, different times require different skills, and frankly you don’t want them to do it the way you did it.

New generations of employees and customers will demand different perspectives from your company leadership. Simply look at how the INC 500 and Fortune 500 businesses have shifted in the last 5 years. Selecting the next leader can be a challenging process without some idea of what it will take to lead in the near future.

Do you know the leadership skills needed for success in this modern economy?

  • Agility is replacing stability.
  • Being proactive will out-perform being reactive.
  • Taking risks will be the safest path to continued success
  • And, “What have you done for me lately,” is being replaced with “What are you going to do for me?”

Do you have a written transition plan in place?

  • Now is not the time to wing it.
  • Every experienced pilot files a flight plan – it’s how they stay on course, so do successful business leaders
  • Remember, you want this business hand off to be a success, not a dumping of problems

Timing is everything.

They used to say a comedian never appeared too late on the Johnny Carson show, but plenty ended their careers appearing too early.

Make sure your business is ready, your successor is ready and you are ready.

 

 

 

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