It's All About Skills: Business Succession Planning

Congratulations!  You’ve received the promotion and are now on the way up the leadership ladder.  As you sit in the seat of accomplishment…you begin to bask in the power.  On day 2, as you survey your new fiefdom, the inevitable question arises:  this is great – umm…now what?  Like most leaders in any new position, you begin to learn your role, determined to keep the power and slay any who might try to take it away from you.  You begin to hoard knowledge for knowledge is power, you think.  Surprisingly, in business, the true power is being able to participate in establishing a company’s legacy. 

 A company - just like a family - has a legacy.  It’s a legacy of relevancy, resilience and survival.  Imagine that your family owns an estate which is handed down from one generation to the next.  The present estate holder is responsible for protecting the property and ensuring that the home and grounds are in good repair for the next generation.  Company leaders are like the estate holder.  They are responsible for protecting the business and making certain that it can thrive for the next generation.  Succession planning is needed to make sure that the company is well cared for and has the best chance for survival.  Thus, soon after day 2 of the new role – the hunt for a successor or heir should begin. 

 In workshops, I often tell attendees to look at their role as a rented space.  Instead of trying to buy their present position, they should look for a nicer space to rent up the company ladder.  The day you discover what your job truly entails…is the very day that you should be looking for someone(s) to eventually rent your space.  I’m not saying that you have to change the nameplate on the door just yet – but finding your potential replacement(s) gives you the confidence to explore what’s needed for your boss’ space.  If you’re already at the top – then you’re probably looking for the perfect cabana to relax in and toss out that little umbrella.  Not so fast…your space needs a potential occupant also!

 Succession planning entails looking at the skills and talents of a workforce to determine grooming potential.  This search may be conducted within the company at large – or if an absence of aptitude exists within… then with external candidates.  Ultimately, the main outcome of the process is to establish continuity.  Each manager wants to leave his/her ‘mark’ on the company’s legacy…every leader does.  Continuity, however, means aligning that mark with the history of established success.  Once promising candidates are found, mentoring should follow to ensure the underlying continuity is recognized and prescribed.  A clear mentoring plan with established goals, objectives and actions are essential in helping to nurture staff and ensure success.   Companies are like precious heirlooms.  They should be carefully cultivated, respected and preserved.  You wouldn’t play hockey with your great-grandfather’s gold pocket-watch, now would you?