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If you have created a business from the ground, it can be difficult to imagine a day when you do not carry it forward. But sooner or later, each founder must face a humble truth: time will be the time to move on one side and turn it on someone else. Whether you are passing it on a family, a reliable executive, or a new owner, the process of succession plan is not only important, it is necessary for your heritage.
I have given succession to one of my top priorities for the last 30 years. I have learned that only one way you will have a good transfer if trained people with a strong plan. This is not surprising, because I have three sons and three nephews who have worked in our company for many years. They are all earning their way in the United Franchise Group. When I leave, I hope there will be a peaceful transfer of power for them.
Here I have learned what I have learned about the succession process and how can you manage yourself when the time comes.
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Start with the right mentality
The first and perhaps the most difficult step is accepting that your successor will bring his thoughts to the table. This is a good thing.
Yes, your thoughts created business. Your strategies and values laid the foundation. But the next leader will essentially look at things differently, and they need. It is not about changing your vision, but produces on it. You should be cured with the mantra “New Leader, New Vision”. This does not mean that everything is to change overnight; This means that you cannot run your company from the tomb. You have to let go to some point.
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Identify your successor quickly
The sooner you can identify the person or team, the better, the better. If your chosen successor is already part of your senior executive team, they should know that you are preparing to pass the baton.
In large outfits, a person may not be enough to shoulder the entire leadership load to shoulder. In that case, consider dividing the top role into two, such as the President and a CEO. Dividing responsibilities can lead to more manageable infection and may allow successors to play for their strength.
Above all, look for someone they talk. A great leader is curious, asks thoughtful questions and listens to answers. They should understand and respect the history of the company, but the team should also be able to rally around a new, compelling vision.
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Traine them – and the team – right
Once you identify your successor, the real work begins: Trainingstart early. Do not wait till last year or quarter of your career to prepare your replacement. Ideally, you will have at least six months to one year to bring them together, but more time is always better.
The training does not stop with the new CEO. You will also have to invest your senior executive team and someone else with the power to make decisions. The goal is not to preserve the company because it is in handoffs, but to ensure that the new leadership understands how and how things have worked. This knowledge gives them a strong initial point from which new is to be done.
Show them to the system, value and people running your business. Explain them to your decisions and invite them to challenge their beliefs. Think of it to prepare it without your company. And remember: Be patient. If a smooth infection requires more time, take it. A staggered transfer of responsibilities can reduce friction and give the team time to accommodate.
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Prepare for unexpected
Even the bestly placed succession plan can kill unexpected bumps. Your chosen successor can leave the company due to a health issue, change in personal circumstances, or just a desire to do something different. Members of the major team may proceed. Market situation may change.
So Flexibility Should be made in your succession plan. It should be a living document, not a stringent instruction. See it regularly again. Be honest with yourself and your leadership team what is working and what is not. A contingent plan is important for long -term success.
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Write your next chapter
Once you give the business under the new leadership, a final transition occurs: Your, In retirementThe way your business will continue without you, you will continue without your business.
This time in your life does not have to follow the stereotype and fill it with golf. There are many other things that can reward your next chapter: travel, check the item from your bucket list, voluntarily in your church, or favorite charity. Being a guardian for young officers can include you in the industry you love and enable you to give it something back.
I have not yet retired, but when I do, I know I am leaving my company in competent hands – and I can’t wait to see where the new leaders take it.
If you have created a business from the ground, it can be difficult to imagine a day when you do not carry it forward. But sooner or later, each founder must face a humble truth: time will be the time to move on one side and turn it on someone else. Whether you are passing it on a family, a reliable executive, or a new owner, the process of succession plan is not only important, it is necessary for your heritage.
I have given succession to one of my top priorities for the last 30 years. I have learned that only one way you will have a good transfer if trained people with a strong plan. This is not surprising, because I have three sons and three nephews who have worked in our company for many years. They are all earning their way in the United Franchise Group. When I leave, I hope there will be a peaceful transfer of power for them.
Here I have learned what I have learned about the succession process and how can you manage yourself when the time comes.
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