Right Plan. Based on your results, you’ve indicated that your organization is not ready in the case of an unexpected leadership departure. Losing someone can jeopardize your progress and put your goals at serious risk. The highest valued organizations and companies deliver expected results over and over again.  Currently, you have no plan for developing future leaders or ensuring successful transitions.  Does that describe your firm?

 

Organizations can sometimes hit a streak of productive results, only later to falter.  They are dependent on the persuasive power, intensity, or experience of one or two individuals.  Those talents may well capture the attention and loyalty of a group of people and lead them to success…temporarily.  Often this leaves the firm believing they don’t need to spend the effort to train others…until their results begin to diminish, or their star leader departs.  When this star leader is the CEO or owner, then they are creating an organization overly dependent on a single individual. ​

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Whether you are that highly talented CEO or a key leader, there are ways to lower your risks that either your departure or someone else’s will disrupt your success. 

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What can you do to improve readiness in this area?

• Make a plan.  Surprises, unhappy surprises, can and do happen.  Evaluate where your team would be most vulnerable if the unexpected happened.  Focus first there.  You cannot do everything at once, but you can start somewhere and improve your current weaknesses in the areas that have the least depth of leaders. 

• Assess your current team.  Who are the people that are most capable of doing more than they are handling today?  If you have formal testing capabilities, you may be able to evaluate your leaders and determine which one of them is best suited for the roles you have identified as most necessary. 

• Methodically prepare your future leaders.   What activities can you give them that will improve their experience and skills?  Especially consider giving them tasks that are currently held by higher level leaders.  Ask those leaders to mentor and delegate important responsibilities, and personally follow up on results.

• Act now.  Procrastination is a costly villain.  The time will come when you will lose people you don’t expect.  It always seems to happen at the wrong time.  Start now and you will likely surprise yourself and your team with the power of a broad and capable stable of leaders. 

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Private Companies

You have indicated you work for a Private Company.  Most private companies are closely held.  Many were started and built by entrepreneurs and almost by definition have a small group of decision-makers, depending on just how much your firm has grown.  Even if Private Equity now has a stake in your company, there may be limited authority delegated to others.  This lack of delegation with authority for making important decisions limits your confidence that there are others who are capable of stepping into more important roles.  Also, if your firm is largely controlled by a single individual who is nearing retirement, this can put extreme risk on the future growth of the company and limit your options for retirement.  It usually takes 3-5 years to successfully transition key positions.  Wherever you are in the process…stay focused, it will be worth the effort to ensure the long-term success of your business, and perhaps your family. 

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