One of the most popular shows right now is HBO’s Succession, which is about the messy machinations of the Roy family’s media business after their father dies. They fight. They jockey. They betray. And it’s very entertaining and the last thing you want for your business.
A skillful, thorough succession plan circumvents nasty fights over control of the business. Whether it’s a family business in Hackensack or a corporate enterprise headquartered in South Jersey, you can get a lot out of a strong plan, such as:
When you plan for your moment to step back, you can invest a lot of time in selecting your replacement. Perhaps it’s a family member, but it could also be someone you’ve trusted for ages. Whatever your choice, you can make all invested parties feel secure with your plans.
Long term stability
By settling on a specific successor early, you can help them understand what your position entails. Most people looking for a promotion aren’t quite ready for what that will mean when it comes. If you take the time to show them the ropes, the eventual hand-off will be much easier.
An open process that the company understands, as well as a history with your successor, can mean a great deal for morale. When your company and its people stand with the person you choose, things will go more smoothly. Never underestimate how important having a respected person in your role will be.
Once you’ve done the hard work of finding the right person for the job and teaching them what they need to know, you can start looking for your next adventure. Retirement or building a new company, it’s up to you. And you can rest easy that your business is in good hands.
It’s not entertaining, but it works. While all this may sound a little on the boring side, isn’t that what you want? Stability for your future shouldn’t be up in the air. It shouldn’t be dramatic. It should be just another business day.