Leadership Development for Exit Planning & Business Succession
Helping successors succeed and owners get paid. TM
You know who you want to take the reins of your company. They have years of experience and expertise in their field. They have history with the company, are loyal, and have a strong work ethic. In short, these leaders have the potential to successfully move into a position of greater authority and responsibility, helping to guide the organization into the future.
But the skills that got them to where they are,
aren’t the same skills needed
to successfully lead a company.
It also requires good judgment, strategic
thinking and a broader perspective.
Four Stages of Development
In order for a successor to successfully take ownership of a company and lead it into the future, he or she must transition through four stages of development. If a successor takes over a company and has only mastered the first two stages of development, he or she is likely to stumble because they’ve only mastered the mechanics of the business. In fact, studies show that almost 70% of successions fail. If, on the other hand, a successor is effectively developed through all four development stages, growth and profitability are maximized, employee turnover and customer loss are minimized, and the owner gets paid the full value of the business.
Stage One: Worker/Contributor: This is the stage where a successor learns the mechanics of a business. In this stage, successors become good at getting the work done. It’s about gaining knowledge of how the products and services of a business are created and delivered. Competencies in this stage involve acquiring technical and industry knowledge, along with improving technical skills. Improvement comes from technical training and hands-on experience.
Stage Two: Manager: This is the stage where a successor learns how to get work done through others. He or she learns to oversee projects and manage resources. Although they may still be doing some of the work themselves, their main tasks are to provide guidance to others and to have responsibility for overall production, productivity, and quality. Improvement comes from things like project management training, general management training, and hands-on experience.
Stage Three: Leader/Executive: This is the stage where a successor learns to lead rather than manage. It’s the point where people skills become more important than technical skills and knowledge. A successor must improve communication skills, learn the art of influencing others, foster teamwork and collaboration, resolve conflict in a constructive manner, learn to develop others, and enhance their executive presence. These competencies are best honed though coaching and mentoring – all of which take time.
Stage Four: Owner: This is the stage where a successor learns how to lead an organization. It’s the stage where seeing the bigger picture becomes their job. He or she must hone their strategic thinking, develop sound judgment, be able to develop a vision for the organization, and gain buy-in for that vision. Additionally, the successor must develop an owner’s mindset. Up to this point in their career, most successors have only ever been an employee. Improvement occurs over time and is developed through coaching and mentoring.
Leadership competencies are developed over time. And utilizing the expertise of an experienced executive coach is the perfect solution for grooming a successor. Our Successor Development Program offers all that and more.
Eliciting Successor Excellence TM
Without strong leadership,
no succession is a successful succession.
Our Successor Development Program helps:
- Ensure a smoother transition
- Improve leadership effectiveness
- Earn trust and respect throughout the organization
- Develop better strategies
- Make smarter decisions
- Reduce missteps and mistakes
- Minimize turnover
- Maintain a positive culture
- Generate higher profits
- Maximize the likelihood that the owner gets paid
Our Approach to Successor Development
Our Successor Development Program is the perfect solution for grooming a successor for leadership and ownership. It’s a proven methodology to assess and enhance leadership abilities and effectiveness. Each engagement is customized and focuses on enhancing essential leadership competencies, developing the ability to think strategically, improving decision-making skills and uncovering blind spots,. It’s what sets our program apart from others.
The program includes:
- A 360° Successor Assessment to determine the successor’s strengths and weaknesses
- Six months of one-on-one executive coaching sessions
- Unlimited access by phone and/or email for urgent matters
- Six monthly strategy sessions with the owner to accelerate the successor’s development