Succession. The end of an era.
The day that you decide to step down from the helm and hand over the reigns of the company to your successor.
This is an important day in the life of any successful company, and as the leader it falls to you to make sure that the transition happens smoothly and the company is prepared to continue its growth after you leave.
Here are 5 tips to groom someone to take over your business and allow you to retire without worrying about a thing.
1. Succession Success: Choose Your Replacement Early
Being effective as a leader means you have to think about what’s best for the business, and anticipate challenges before they arise.
Be sure that you are looking 5-10 years down the road in order to make the important decisions. Take enough time to groom your successor before you step down.
Appointing a successor early will allow you the time to train them appropriately and will help the company avoid many of the political battles that can arise when there is no clear line of succession.
[box type=”download”] Find out how to create a powerful and engaging personal brand in the upcoming Bullet Proof Branding Webinar later this month. Click here to learn more about how to drive the conversation and create the influence you need for your message. [/box]
2. Succession Success: Document Your Role
Grooming someone to take over the leading role in the business is all about passing along information.
A step that you can take, even if you haven’t chosen a protege yet, is to document the major facets of your role. Hire a scribe, or work with a consultant, to capture what needs to be done.
As you document your role on a day-to-day basis you can slowly eliminate redundancies where your involvement is unnecessary. The more you can phase yourself out of daily operations early, the smoother the transitional period will be.
3. Succession Success: Me and My Shadow
Set aside a planned and deliberate period of time, where your successor can observe how you conduct business. The allocation of time can help both your successor and the people that they will be working with on a daily basis transition smoothly into the new working dynamic.
4. Succession Success: Mentor Your Protege
At some point before you make your exit, swap roles with your protege. You’ve put your trust in this person, and you’ve got to continue toward whatever might be next for you in your journey.
Get comfortable with letting go, or you never will.
5. Succession Success: Cover The Intangibles
Being CEO is more than just the operational duties that make up your day-to-day responsibilities.
The CEO has to deal with the issues of setting a vision, maintaining company morale, and potentially setting up disciplinary guidelines. All of these things can come as a surprise to someone who has never run a company before.
Be sure to sit down and talk about how best to handle these responsibilities and answer any questions your successor may have.
Change is never easy, but as CEO you owe it to yourself, your employees and your business to make sure that you create a smooth transition. After all, the future of the business depends on it.
About the Author: Thomas Verdone is an author who covers a wide range of topics, including finance, fitness, personal development, and personal reputation.