If I Build It, They Will Come…

Most owners put off planning for succession for one of two reasons:

1. Uncertainty about what’s next—once we transition out of the business.
2. No clear, trusted successor…yet.

The biggest misconception is that if you build a succession plan, you must leave the business or relinquish control. You don’t have to do anything you don’t want to do with your business. It’s your business! By building a succession plan, you create many, many more options on who will buy or run your business, what role you will play - now and in the future; when you will exit, what direction you grow the business, and the actual selling price. Start today to identify potential successors, potential buyers and potential creative partnerships. Just keeping the need top of mind will shift your thinking and cause you to take steps towards a plan.

Eighty percent of executives agree that there are growing skill gaps in their organization in leadership and executive skills, among others. (2009 ASTD study, CLO Magazine, September 2012). Can anyone else in your company even begin to fill your shoes? Or is it possible that someone else can do it even better than you?

What Else Would I Do?

This is a common refrain going on inside the heads of a great many business owners? What else would I do if I didn’t have this business to go to every day? If I didn’t have the responsibility of running the place? If I no longer had a role here that added value? What else would I do? The reality is that many owners are facing this very real issue. They are not comfortable selling or transitioning the business because they don’t have an emotionally compelling what’s next. They still derive income from the business, and that is attractive to many, but they also just don’t have an exciting plan. Habit s and patterns, built over time, are hard to change, and going into the office several days a week is a habit that is hard to change. Even owners who want to change that habit struggle to do it. So what is an owner to do?

How do you develop an emotionally compelling what’s next?

Start with getting in touch with things that you are passionate about. Don’t know what you’re passionate about? Well, think back to the kinds of things you enjoyed most as a child, young adult, even as recently as a few years ago, but never had time to really pursue. There are clues in our past that can begin to inform our future. Maybe you loved to play sports or build model cars. That doesn’t mean that you want to do that now, but it’s a clue that can be used to put some framework around what you might be passionate about today. Allow yourself to explore.

Then look at your strengths. The things your employees, friends, business associates, church members tell you consistently that you are good at. You may dismiss their comments because they come so naturally to you, but start paying attention. What are you really good at? Maybe you are a visionary thinker or maybe very analytical, a numbers guy. That doesn’t mean you want to sign up to be treasurer of your Rotary club, but it’s another clue. Watch what others respond to in you.

Now look at what kind of a lifestyle you want at this point in your life? Simple things like how early in the morning would you choose to get up – if you didn’t have to be at work by 8am? How often do you want to travel and where do you want to go? Who do you spend your time with and what are you doing when you are together? Start to paint a picture of the lifestyle that speaks to you, outside of the office.

The sweet spot across these three holds the biggest clues to what will be an emotionally compelling what’s next, and when you get clear on that, it will be hard to hold you back!

Build Your Bench Strength

The best teams have:

• Members with diverse and complementary skills and competencies
• Who can work together productively to deliver results against an effective strategic plan.

We believe that if you have a great team, they can build and execute a great plan. And if you start with a great plan, you can find talented people who can either make your plan even better, or get aligned and excited about the plan you have. The issue is -- you already have a team. If they are not already a great team – how do you figure out who has the potential to take your business to the next level and get them there!? There are several indicators you can look at:

1. Competency assessments will provide a clear picture of potential across a range of different critical skill areas.
2. Style indicators tell you how people prefer to interact with each other and who has natural tendencies to lead, follow and rebel. You can then decide what mix you need and where in the organization you need them.
3. Measurable results will tell you who can really get things done.
4. Motivation and initiative will tell you who will push the organization (and maybe you) to higher standards and expectations or leave if they cannot make a big enough impact.

Who do you need to look at in your organization? Who meets or exceeds your criteria? Nurture those strong performers and give them opportunities to learn and grow and you will see the impact in your results.