You’ve spent years building your business, and you want to preserve your legacy when you step away from it. One of the best ways to ensure your business’s continued success is by choosing the right people to take your place—and properly preparing them for the challenges that lie ahead.
How can you do that? Here are some tips:
- Cast a wide net.
Consider looking outside of the business for the perfect person to take over your company. Sometimes the right choice is already in your company, but don’t be locked into promoting from within. (Unless you are determined to keep your business in the family, and then, try to make a dispassionate assessment.) - Choose well.
Look for someone who is mature and capable. Discuss objectives and values of your company: You want to find someone who will be motivated to push the company forward into further growth. Capitalize on his strengths and ideas to do that, even if they differ from yours. - Become a mentor.
You’ve learned a lot over the years, and now is the time to show your chosen person the ropes. Impart your wisdom through holding regular meetings, have her shadow you on the job, or coach her as she takes on some of your tasks. On that note . . . - Put them to the test.
Throwing successor candidates directly into situations will give you the best idea as to how they will handle them once you’re not around. Watch how they conduct themselves and offer feedback, especially constructive criticism. Introduce the candidates to clients so they can start building their own relationships and otherwise begin inserting them into daily activities. - Leave the door open.
Set things up so that you can still change your mind. Sometimes people perform differently than we had anticipated, and if you don’t like what you see, you’ll want to have a way to fix the situation—even if that means finding someone else to take the helm.
If you’re ready to start a succession plan, and want to make sure you’re doing it the right way, call us at (314) 454-9100 or send a message. We can help.
About the Author
Mary Neff has experience working with families and children which makes her a sought after divorce attorney, litigator, and mediator in family law. Mary’s extensive experience in child development and parent education allow her to represent families in what can be a difficult time in their lives. Mary’s practice area of family law includes divorce, mediation, litigation, custody, visitation, paternity, modifications and post-dissolution matters.
