When I heard the passing of Nelson Mandela, his legacy was mentioned each time. Peace, hope and dignity seemed to be the common denominator. Mandela left us with life lessons he will always be remembered for.
I help small businesses every day. Often, business owners don’t have a succession plan for when they will retire, become ill or die. Business owners choose to operate in willful ignorance of this reality. And when an unexpected situation occurs, they often have nobody they can turn to. The main reason succession planning is not a priority is that people hate the concept of being replaceable. However If you’ve made yourself integral and irreplaceable, the business is going to die without you. Do you sense a theme here?
Oxford dictionary defines legacy as an amount of money or property left to someone in a will. Wouldn’t you want your legacy to be left to others?
Let me teach you the steps to making sure your legacy will prevail.
Own The Responsibility
Own the responsibility for the transition and the preservation of your business. Start planning today for what ifs. The sooner you will plan, the quicker you will grow your business since you will have more time to focus on the strategic growth of your business.
After Selection Comes Development
You can’t expect to pass your knowledge overnight. The sooner you identify a successor, the more time you will have to develop that person’s skills and knowledge you identified as gaps.
Prepare For The Announcement
Making the announcement is the toughest part of the process. Once you are confident with your choice and have groomed the candidate for success, it’s time to make the announcement to your team. Make sure you are not-in-the-way of your successor. Let him (or her) take the realm.
You’ve completed a very important task. By identifying a successor to your business, you’ve set-up its future to be continuous. You’ve saved money by avoiding time lag looking for a replacement or leaving your business unattended. You’ve shown your team your ability to let-go for the benefit of a successful transition.
You can proudly rest in peace because your legacy will prevail. Like Nelson Mandela did.
Remember, identifying and developing a successor is about making your rising star feel happier, engaged and part of the company’s success.
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