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Give Your Successor A Test Drive
June 13, 2008
Would you ever put your child in the driver’s seat of a car and send him/her off without any practical experience? Or, would you ever buy an automobile without taking it for a test drive? Naturally these are rhetorical questions. But I cannot begin to tell you how many business owners I have encountered in my career who have done the equivalent when it comes to planning for the succession of their business.
Instead of just hoping your successor can effectively lead your business after your retirement or death, give him or her a test drive. What I mean is give your successor the opportunity to lead and make decisions to determine if he or she can actually do it while you are still involved. This also offers you an opportunity to see your successor in action which can lead to additional coaching and training opportunities that can help hone their business and leadership skills. In addition, develop an alternate plan in the event your chosen successor does not work out. After all, you do have a stewardship responsibility to your employees, customers, the community and others.
Wouldn’t it be better to determine in advance if your successor was truly capable of running the business? I submit to you it would!
Posted by Dave Ciambella on June 13, 2008 | Comments (0)
