Time is raging on, years are passing by and things are feeling tougher and tougher - especially if you're a baby boomer who happens to be running a business. When you stop and look at where you are today, there are a lot to be proud of, yet there's a lingering sense of tiredness that seems to continually creep into your mind. Sure, you are used to working long hours and reaping the financial benefits of success. But at the same time, you've also spent many a day watching employees schedule their vacation while you, in turn, only stare at the number of non-existent holidays on your calendar. You can't even count the number of weekends spent working and/or pondering your next move.
Now as those New Year's resolutions come closer and closer, you've begun to think about a new and perhaps previously taboo goal, that of turning control of your company to someone else. For small business owners, especially leaders who have devoted their life to the growth of their firm, succession planning and selecting a new leader is one of the hardest challenges they have ever tackled. In fact, it has probably been put off for too long, but finally, the negativity and resistance must be overcome.
In fact, the succession and continuation of your business should be treated no differently than that of your personal life. Succession planning is simply the strategy of creating a will and testament for your business. After all, what will happen if you become ill or incapacitated or heaven forbid, what will happen if you meet your demise in a tragic accident? Do you want to leave a legacy of achievement and good will or a complex legal quagmire that hounds your struggling family, shocks employees and scatters your loyal customers?
Just as with your family, planning for the transition of your company is an important fiduciary responsibility. This is not as easy as simply finding a "clone" to replace you, implementing a last minute professional development plan for a star employee or begging a family member to leave their current work to take over the reins of your beloved company.
So, as the year 2008 draws to a close and you plan to use the Christmas holidays to confirm your succession goals and develop an action plan, recognize that it takes time and energy to identify the right person to take the helm of your business. Begin by taking the following steps:
1. Begin your planning now! Ensure the plans go beyond retirement but include also accident and/or illness.
2. Develop your company vision and long range plan and articulate the HR objectives required to achieve your plan; if you haven't involved your staff in strategic planning up to this date, now is the time.
3. Carefully identify the issues, the risks and vulnerabilities the company will face as you move toward succession challenges and examine steps you can take to overcome these;
4. Consult with a team of advisors to assess your financial, tax, legislative, human resource and organizational structure issues as part of your planning;
5. Determine what skills and abilities will be required to lead the organization toward your future dream. Take note of the fact that these skills may not be what you personally offer at the current time;
6. Examine if these skills already exist within your company, whether they need development, if there is time to develop the required skills and/or if an external candidate would be best suited to take the company forward.
7. Since employees will be concerned and perhaps threatened by the upcoming changes, plan to develop a retention strategy for employees at all levels; you can't afford to lose good people. Invest in them instead.
8. If external recruitment is the answer, be sure to develop a candidate profile inclusive of the character and integrity traits that will help them to fit into your team; avoid attempting to create a duplicate clone of yourself.
9. Work with an executive search professional who can bring objectivity to the overall process and decision making;
10. Talk to your management team and discuss why it is necessary to consider external candidates. Plan for in-depth discussions and debrief sessions for those internal candidates who will not be successful. Invest in these front line leaders; help to continue to contribute and to feel a sense of achievement with your firm.
11. Review the nature of your organizational culture and prepare for an intensive orientation process for at least three to six months.
12. Set goals with the new incumbent and then get out of the way. There is nothing more challenging than finding and hiring a successor and then interfering in their work.
13. Structure a change management strategy for yourself and your company; create a special event, perhaps a retirement party coupled with a new CEO launch to help signal the change and transition in your company.
14. Step down and step out of the way.
With the baby boomer crowd aging, the issue of succession planning will become an increasing threat for small business. While selecting and grooming a successor runs counter to common sense for many people, it is one of those "must do" tasks that can no longer be avoided.
Stay tuned for an upcoming article on Succession Planning for Employees and how you can prepare, even capitalize, for the challenge/opportunity.
Now as those New Year's resolutions come closer and closer, you've begun to think about a new and perhaps previously taboo goal, that of turning control of your company to someone else. For small business owners, especially leaders who have devoted their life to the growth of their firm, succession planning and selecting a new leader is one of the hardest challenges they have ever tackled. In fact, it has probably been put off for too long, but finally, the negativity and resistance must be overcome.
In fact, the succession and continuation of your business should be treated no differently than that of your personal life. Succession planning is simply the strategy of creating a will and testament for your business. After all, what will happen if you become ill or incapacitated or heaven forbid, what will happen if you meet your demise in a tragic accident? Do you want to leave a legacy of achievement and good will or a complex legal quagmire that hounds your struggling family, shocks employees and scatters your loyal customers?
Just as with your family, planning for the transition of your company is an important fiduciary responsibility. This is not as easy as simply finding a "clone" to replace you, implementing a last minute professional development plan for a star employee or begging a family member to leave their current work to take over the reins of your beloved company.
So, as the year 2008 draws to a close and you plan to use the Christmas holidays to confirm your succession goals and develop an action plan, recognize that it takes time and energy to identify the right person to take the helm of your business. Begin by taking the following steps:
1. Begin your planning now! Ensure the plans go beyond retirement but include also accident and/or illness.
2. Develop your company vision and long range plan and articulate the HR objectives required to achieve your plan; if you haven't involved your staff in strategic planning up to this date, now is the time.
3. Carefully identify the issues, the risks and vulnerabilities the company will face as you move toward succession challenges and examine steps you can take to overcome these;
4. Consult with a team of advisors to assess your financial, tax, legislative, human resource and organizational structure issues as part of your planning;
5. Determine what skills and abilities will be required to lead the organization toward your future dream. Take note of the fact that these skills may not be what you personally offer at the current time;
6. Examine if these skills already exist within your company, whether they need development, if there is time to develop the required skills and/or if an external candidate would be best suited to take the company forward.
7. Since employees will be concerned and perhaps threatened by the upcoming changes, plan to develop a retention strategy for employees at all levels; you can't afford to lose good people. Invest in them instead.
8. If external recruitment is the answer, be sure to develop a candidate profile inclusive of the character and integrity traits that will help them to fit into your team; avoid attempting to create a duplicate clone of yourself.
9. Work with an executive search professional who can bring objectivity to the overall process and decision making;
10. Talk to your management team and discuss why it is necessary to consider external candidates. Plan for in-depth discussions and debrief sessions for those internal candidates who will not be successful. Invest in these front line leaders; help to continue to contribute and to feel a sense of achievement with your firm.
11. Review the nature of your organizational culture and prepare for an intensive orientation process for at least three to six months.
12. Set goals with the new incumbent and then get out of the way. There is nothing more challenging than finding and hiring a successor and then interfering in their work.
13. Structure a change management strategy for yourself and your company; create a special event, perhaps a retirement party coupled with a new CEO launch to help signal the change and transition in your company.
14. Step down and step out of the way.
With the baby boomer crowd aging, the issue of succession planning will become an increasing threat for small business. While selecting and grooming a successor runs counter to common sense for many people, it is one of those "must do" tasks that can no longer be avoided.
Stay tuned for an upcoming article on Succession Planning for Employees and how you can prepare, even capitalize, for the challenge/opportunity.
Paul Croteau, managing partner, is known as one of Manitoba's leading executive search professionals. His more than 25 years of experience in the recruitment of senior management and executive leadership professionals are the foundation to his solid reputation for developing a deep understanding of his clients' needs, enabling him to provide exceptional service and successfully meet the complex challenge of matching the right leader to his clients' business needs. Article Source: http://ezinearticles.com/?expert=Paul_H._Croteau |
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