Critical to building value, success and succession is a focus on successor identification and development, simply because eventually the owner and key leaders focus and priorities will shift. Management support is critical to the continued development and deployment of a successor who have not mastered all of the successor criteria at the time of their empowerment as a successor.
Why Is it Important?
- Leadership bench strength builds value. Moving the business to and through the next generation requires available, capable, competent and committed successors who will provide leadership through the transition.
- Identification and Development is an intentional initiative. Key criteria for a successor candidate are those who exemplify the character, capacity, competence, confidence, community and commitment required to represent the organizations mission, core values and drive performance. Most if not all successors need on the job training and coaching which requires time and a commitment by the owner.
Symptoms of a Successor Preparation Problem:
- No identified successor
- Lack of a development program
- No successor criteria identified
- Unclear path to ownership/leadership
What are the issues impacting the value of your business?
Contact us to schedule a Phase I diagnostic assessment of your business to find out.