Dave Ciambella

When is the right time to let go of the reigns?
October 1, 2008

Here is the bottom line: while you are still capable of running the company.

Over the past thirteen years, I have witnessed many a business owner so intent on controlling every decision that they do not take advantage of the opportunity to teach their successors the “tricks of the trade.” These owners fix every problem themselves or give the solution to a problem without challenging their successor to figure it out on their own (or at least let them attempt to do so). In other words, they fish for their successor versus teach their successor to fish. This self-serving approach to leadership may be good for the business owner’s ego, but it can be extremely detrimental to the psyche and development of a potential successor.

Letting go of the reigns is difficult for many reasons, but it is especially difficult if the owner’s financial security is on the line. My experience has been that, when this is the case, business owners rarely ever let go of the reigns. Clearly, there is tremendous value in letting go of the reigns while you are still capable of running the company such as: you are in a position to guide and coach your successor and you get an opportunity to see if he/she can actually do it. Wouldn’t you rather know in advance if your successor is capable of leading the company rather than wishfully thinking he or she can do it? Do you get it? I sure hope so!

Posted by Dave Ciambella on October 1, 2008 | Comments (0)