You've put your blood, sweat and tears into building your
company. It's grown into something that you're proud of '
something that will leave your mark on the world and bring
you the retirement you've always wished for. In fact, it's
grown past the point where you cannot expect to handle
everything on your own. What can you delegate? And to
whom? Or perhaps you're thinking that you'd like to start
moving into that planned retirement of your dreams. But
how will the business run without you at the helm? With an
entire generation of Baby Boomer leaders looking towards
their retirement futures, these questions are being asked
frequently. In fact, succession planning is becoming an
increasingly important aspect of today's business landscape.
The key to understanding succession planning is that it's
simply the act of having a systematic process in place. A
process where business owners and corporate leaders
identify, assess and cultivate their key people to ensure
they are ready to take on strategic roles within the
company.
Succession planning is something every leader and
organization talks about. On some level, every business
owner knows that they need to have a succession process in
place, yet very little attention is actually paid to
developing a strong plan and implementing it. Even when
there is some semblance of a plan, often it does not
address challenges and issues that arise as impediments to
a smooth transition.
Consider the following scenarios:
SCENARIO 1
POTENTIAL PROBLEM: Multiple partners or owners don't agree
on who should take over the business, in what time frame
and in which roles.
POSSIBLE SOLUTION: Define what skills, experience and
attributes are needed for a position and then to compare
those to any heir apparent candidates.
SCENARIO 2
POTENTIAL PROBLEM: Planning has been tardy and when the
owner or executive is ready to hand things over, the heir
apparent doesn't have the requisite skills or experience.
POSSIBLE SOLUTION: Short of something like a death or
debilitating disease, succession planning should begin
years in advance and those who are to be put in charge need
a formal training and development program designed and
implemented.
CONSIDERATIONS: Decide if you are going to have them buy
in, or you are simply handing them the keys to the kingdom.
All decisions need to be made well in advance and shared
with those who are going to be involved.
SCENARIO 3
POTENTIAL PROBLEM: The heir apparent simply isn't ready.
Not because they weren't given time or attention but simply
because they either don't have what you need right now (and
possibly never will).
POSSIBLE SOLUTION: First you have to ask yourself how you
will handle this should it arise. Second, you should be
creating markers (metrics) along the way so this doesn't
happen ' you should know at least a year out if the person
you have chosen is going to make it or not.
CONSIDERATIONS: This scenario can be avoided if there are
multiple people who may be possibilities; groom them both.
At some point one is likely to become the front runner.
Just make sure you provide each with the necessary
training, development, mentoring and guidance so that you
are giving each a fair and equal chance. If you have
multiple people you are grooming, let them know this. It
isn't fair for one person to believe they have 'the job'
and not be aware that there is competition. If at any
point it is obvious that one candidate isn't going to make
it, then you need to be fair and let them know they are no
longer in the running. You may also need to be prepared
for them to make the decision to leave your company.
It's very important that you understand that you cannot run
the business until the day you leave. Your
leader(s)-in-waiting need to be given the opportunity to
make decisions try new ideas and make mistakes under your
tutelage. This provides you with the opportunity to help
them learn, understand how they think and to gain trust in
their ability. Handing over the reins is best managed in a
gradual process. This way the company staff will have had
the time it takes to begin to view the incumbent as the new
leader.
Putting a succession process in place is crucial to the
success of any company. The key people you've identified
in your plan will eventually be accountable for making
certain that your company is capable of overcoming
challenges and obstacles in the future.
Unfortunately, succession planning tends to be one of those
initiatives that many business owners and leaders can't
seem to find the time to start until it's too late. A
strong word of caution here: if you don't address
succession planning now your organization may end up facing
the burden in the middle of a crisis.
----------------------------------------------------
Linda Finkle is a leading expert on organizational
communication strategies and human potential development.
As CEO of her executive coaching firm, INCEDO GROUP, Linda
has helped countless leaders build internal communication
and conflict resolution strategies. She brings about
changes in attitude and leadership style that yield
dramatic results. Company profitability is an inevitable
side effect. Learn more at => http://www.IncedoGroup.com
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