When a business owner or key executive is seeking retirement or a reduced role in the company, there must be a well thought out and accepted plan for succession which clearly identifies how the business will move forward.
As a business coach, I work with companies of all industries and sizes in and around Bowling Green, Franklin, Russellville and the surrounding areas in Kentucky. While many people think of a business coach as someone who provides insight into how to most effectively run a business (and this is a big part of my job), a coach also can be brought in to help a company through a time of change such as a sale, merger or change in leadership.
In the sections to follow, I will discuss a few ways I can help a company develop a succession plan when an owner or key member of the team is stepping down. I offer these services for any type of business in my service area, and if you need in-depth assistance on the topics below then I am here to help.
Plan for Short Term Success
You want to let the people who will be taking over for you make the decisions to run the company after you are no longer involved, but in the short term there should be a plan to overcome challenges which could face the company immediately following your departure. Even with a detailed succession plan in place, there will be a ramping up period for the people who take on your responsibilities, so examining which issues could arise and trying to plan for them will help the transition go smoother.
A succession plan can be conservative and seek to keep the status quo for a short time while new leaders get their feet wet or can pursue more growth, and ultimately the decision should be based on the company’s goals and the talent level and confidence you have in the people who will be stepping up.
Identify/Seek Out Quality Talent
Ultimately, the success of the company after your departure will depend on the talent, work ethic and vision of the people who step up in your absence. Since this is the case, you should determine if you have the right people in house who can lead the company forward, or if an outside hire is the right move.
Secure Buy-In From Key Players
Succession plans should be transparent and clearly communicated with all stakeholders. The transition from one leader to another can cause some people to have bad blood or become angry because they were passed over, so being up front and helping to set expectations for everyone involved is key. Without buy-in from everyone on the team, the company and the new leadership will be set up to fail.
Succession plans are delicate and wise leaders seek the assistance of a professional to ensure their company is set up to succeed in their absence. A business coach is a great ally to help with the transition, and if you need assistance in your succession plan please call me or fill out the form on my website for more information.
