THE TAKEAWAY: 6 ACTION STEPS FOR A STRONGER BUSINESS (AND KILLER BUSINESS SUCCESSION PLAN).
Relinquish the throne. Embrace dual leadership.
Nourish a culture of humility. Individual growth minus the egos.
Have an inspiring common goal for your business, something beyond a dollar figure.
Tool up your team. Spend meaningful time training and mentoring. Allow senior staff to train and mentor newer staff. Give your B and C team opportunities to prove themselves, too. You may be pleasantly surprised!
Outline the plan and provide a timeframe. Allow your team to contribute, given they’ll be responsible for implementation.
Inhale, step away and don’t look back. Leave everything else to the team. Trust that they’ll step up.
Forging a team with the vision of the All Blacks and the unity of a school of fish (we’re envisioning your future yacht here) is crucial for business succession capability. Your business will continue to thrive – beyond your involvement – allowing you to step away.
Meanwhile, you’ll be sailing into the sunset.
This article was originally written for Michael Field Strategic Marketing’s blog and appears here.
Want to learn more about planning for your business’s succession? Contact My-Linh Dang at metis_at_metislaw.com.au