Why is succession planning such a daunting task for leaders and business owners? It’s like the personal equivalent to writing a will. Ever notice people avoid both tasks? I believe it’s because they are both such emotionally uncomfortable discussions and decisions. The thought of people leaving, something bad happening to anyone, or the notion of daily operations as we know it coming to an end- is just not a fun topic for a sunny Wednesday! I get it! But these discussions are NECESSARY.
If you are reading this and your leadership team doesn’t have a succession plan- you are not alone. According to the Association of Talent Development, only 35% of organizations have a formalized succession planning process. If your business isn’t one of them, I implore you to be the one to broach the subject of succession planning. Here’s a few areas to ease in when doing so:
Use it as a tool- Instead of thinking about the loss you and the business may incur, use this as a tool to motivate your team. In planning for the future, there can be natural attrition and unexpected moves, but there is also GROWTH! It’s exciting for the next generation or next crop of leaders to move up the ranks. Shift your thinking to focus on this part of the process to get you started. Instead of avoiding the feelings surrounding loss, lean into the sense of pride that you are watching your people fulfill their potential. Decision making in this process can be tough. It’s nothing to take lightly so start SMALL. Make it a gradual project that is collaborative. People want to feel involved and included and it might be a relief to have some of the weight off your shoulders.
Map it out- Once you have the succession plan set, take it a step further and make sure your team is prepared for these responsibilities for when the time comes of course. Professional development doesn’t happen overnight. So take the time to sit with each of them individually and map out a plan for their professional growth together. Starting with the end in mind gives you both the opportunity to ask, “who do I need to be and what skills do I need to gain in order for this transition to be successful?” Together, identify the gap of where that person is now and where they need to be. Don’t be afraid to put the responsibility of executing this plan on your people. Let them show you how much they want to move up and what kind of leader they will be when they get there. Check in with them for support and progress. What a way to motivate and retain good people when they know you’re investing in their future and trusting them to take the reins already.
Assumptions & Communication- Many times, leaders or owners assume that their replacement knows exactly what will happen in the future. I’m going to call it what it is- leaving this to be assumed is irresponsible. You’ve put years into this business and leaving it to “that person knows” without any conversation is just not acceptable. There’s lots to talk about besides who will take over what position like:
- How can or will this change the vision or trajectory of the company?
- What happens to spouses, children, siblings, and other family (if it’s a family business)?
- Who will take over for that person moving up?
- Are there professional development steps being taken to prepare everyone for these changes?
- Has your role really become the position for two people instead of one?
- Where are all the important documents and items located in case this happens unexpectedly?
- Who else needs to know about this change and how does it impact them?
- How will you communicate this to your customers or clients?
- What legal actions have been taken? If not, what should be taken?
Communicating succession plans clearly is important for the stability of the company for employees and customers. If the employees don’t feel secure- you can bet it’s a matter of time before the customers start to feel on edge. Don’t spend your time building a house of cards. Put time on the calendar with the right people to start this discussion. Don’t be surprised if everyone feels relieved once you start the process.
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