It Will Take At Least Five Years to Properly Groom Your Successor
We hear all the “reasons” why multi-unit franchisees do not want to start planning for their “what’s next,” which often leaves owner’s way behind the eight ball as it relates to business growth and value.
Your multi-unit operation is more valuable and profitable over time. For your business to survive, it is critical to imagine what the future looks like and have a plan of action should your attention be drawn to other areas. It’s also important to consider the lifestyle you imagine for you and your family and consider the steps it will take to financially live out the dream you started.
A key consideration for the future is leadership bench strength and successor development. As the business grows your ability to “do it all” at high level of performance will become less and less likely. Top talent is essential to growth and successor development is key for longevity. The reality is that it is not an overnight process and depending on the layers of your business and who is involved, it can take a minimum of five years to properly groom your successor
Read the article and then reach out us to get some insights on your own situation. A few moments with us will provide you insight and clarity for your next steps forward. Contact Us
NextGen leaders can feel like they are stuck between and rock and a hard spot. Working to fulfill expectations of leadership as well as making their mark on the organization to earn respect. Click the following links for more drill-down resources on Successor Preparation.