We are often asked “how do you plan for the unknown? as no one knows what the future holds. At the beginning of 2020 the economy was strong and then, out of the blue came a pandemic that has turned life as we know it on it’s side. Business’ that generally suffer in a recession are booming, and hospitality and high touch customer franchise business’ that have in the past been seen as fairly recession proof are being hit the hardest.
Business’ that last have the ability to pivot, adjust and take advantage of the opportunities environments provide. And, in order to be agile, “planning for the unknown” requires considering the possible, probable and potential circumstances impacting the business and creating contingency plans – which is at it’s core Succession Planning. One key element of this process is leadership bench strength and successor development. During current times of the COVID-19 pandemic, what is the strategy if one of owner or a key leaders is infected by the virus. Do you have bench strength to support the need of the organization in their absence. COVID-19 will one day be a thing of the past, however; their will continue to be influences that will constantly test the organization requiring strong leadership. And now is no better time to leverage the learning opportunities our currently environment provides for leadership and successor development.
In Three Recommendations For Finding Success Through Transition, Kendall Rawls provides 3 strategies business owner’s to consider right now in developing leadership bench strength:
- Identify a potential successor
- Involve potential successor in the decision making process
- Include potential successor in financial reviews
Click the following link to read more about Family Governance on the Multi Unit Franchising’s website titled: Three Recommendations For Finding Success Through Transition
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