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Generational Blueprint for Succession Planning!
June 30, 2008
There is an organization on the North American continent that has been in the family for almost 24 generations. It began with a small group of stakeholders scattered up and down the eastern seaboard. They got together years ago and turned talk into action by creating an organization that could be handed down from one generation to another. Their plan was brave, courageous, and bold.
Their plan required people, time, and money. Everyone involved had something at stake in the outcome. Everyone knew that succession success required all ten of the integrated components that we’ve talked about so often.
Their first step was to clarify owner intent and motivation. They drafted a couple of documents that specifically addressed issues related to shared power and authority. Some authority was left purposely vague because they realized that political, economic, and market conditions would change.
Over the last 12 generations, that organization has had 43 successor CEO’s. Remarkably, the organization has survived every change in leadership. Some of leaders were better prepared than others. Some have been incredibly great; and some have been incredibly weak. Only one held the reins for more than 12 years; and a few were not able to complete even one.
So how did this group of people manage to create an organization that could withstand relatively frequent changes in CEO’s? They decided early on to meet the needs of the stakeholders and to give them a voice in how and who would run the organization.
Like every organization, there have been days, months, and years when the stakeholders were split over the proper course of action. The skies were not always blue, the grass was not always green, and the wind did not always blow. Still, the organization managed and manages to develop the synergy and teamwork required to develop a level of sustainable performance that insures success through the next generation.
That’s what succession planning is all about. Whether it’s your family or your country, succession planning builds a lasting value because people get engaged in what’s going on. It takes work – a lot of work. But it’s worth the effort to know that your personal succession plan opens the door to life, liberty, and the pursuit of happiness.
Who knows. If you take the same approach as the Founding Fathers, you might also create an organization that can be passed on through 25 generations. It’s happened with Oriental manufacturers; with Italian vineyards; and with the United States government.
Success. Plan to pass it on.
Posted by Dan Schneider on June 30, 2008 | Comments (0)
