Recipe for Success With Succession Management
There comes a point in any successful business where there must be a passing of the leadership baton from one generation to the next. But how do you make sure this transition is as successful -- and smooth -- as possible? Here are a few key tips to keep in mind:
Have an active & engaged board.
- Some small businesses don’t have a board, in which case you need to do some introspective assessing, but if your company does have a board, it’s crucial they understand what your transition plan is. By keeping them engaged throughout your thought process, they can remain supportive and give you counsel along the way.
Need a willing & accepting leader.
- You need to be ready and willing to face your retirement. If you have any doubts, if you resist this transitional process, you will create turbulence within the company. Only move forward with this exit strategy if you are 100% sure about handing the reins over to someone else.
Eager nextgen leader who fits the role.
- In addition to the above, before you begin this strategy, you will need a worthy successor to fill your shoes. This will require a substantial amount of foresight, as it takes time to select and then groom a replacement leader.
Keep everyone informed.
- An important aspect of this whole process is keeping your staff and stakeholders engaged in your thought process and exit strategy. It will take them time to get used to the change in leadership, and the longer they have to process this impending change, the smoother the transition will be for the company as a whole.
Changing leadership can be a daunting transition for any organization, but by following these tips you will be able to make this a smooth and positive experience for everyone involved.
Jeremy Lurey, CEO and Chief Architect at Plus Delta Consulting, offers a five-step recipe for success when transitioning from one generational leader to the next.