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The Lone Ranger Was a Failure at Succession Planning!
August 23, 2007
Effective succession planning requires a team effort and a plan that focuses on actionable steps.
Before you begin diving into your plan, it is important to determine who are going to be players on your succession planning team.
Most effective succession planning teams consist of an attorney, an accountant, family members and key managers who have a vested interest in the continued growth and success of the business. As with any team, you must have an identified leader for accountability, coordinating, and making sure the team stays on track. An experienced succession planner can be an integral team member to “quarterback” the process, but in the absence of a hired facilitator, you can appoint someone such as your attorney or accountant. Whoever it is, be sure they:
- Are willing to deal with both the fun issues and the real bummers
- Have an understanding of the matrix of issues impacting the continued success of your business
- Are able push and coordinate the process or the tough issues will become bona fide road blocks.
Once you have identified your team, develop actionable steps toward reaching your goals for the future.
This is step is best achieved through creating a prioritized Update Action Agenda. Some succession planning issues demand immediate action and others can be addressed as circumstances, motivation, time and money allow. The Update Action Agenda is instrumental in implementing your plan because it not only records what needs to be done, but also expresses the agreed upon priority and what member of the planning team is responsible for addressing each specific item. Whoever you designate as leader of your team is responsible for the development of the prioritized Update Action Agenda and coordinating a schedule of periodic meetings with the team for review and feedback.
Now, simply “Follow the Plan.”
Succession planning is a never ending process. Remember, keep the end in mind and never relent in constant review and commitment to address any issue that impacts your business’ ability to build value, and continue on through multiple generations.
Please read my prior posts, “Succession Planning is a Process, Not a Project” and “Wimps Lose Out, How to Plan for the Future of Your Business,” for more information about the succession planning process.
Posted by Loyd Rawls on August 23, 2007 | Comments (0)
