Who is Your Successor?

11 11 2011 Comments Off on Who is Your Successor?

There is a school of thought that ranks grooming your successor among your primary responsibilities as an executive.   And with the ever-escalating rate of change, isn’t job permanency less attainable than ever?  Why not plan for it?

Poor Enrollment?

As important as management succession is for any organization’s sustainability, the groom your successor school is far from being over enrolled.  What prevents executives and business owners from making their succession a priority?

  • While it’s important, it’s usually not urgent.  Squeaky wheels are the first to be oiled.
  • Facing job mortality is uncomfortable. Ownership (perceived or actual) of your job achievements is needed to really commit. However that same pride and passion makes letting go more challenging.
  • Perceived Scarcity. This can be time, money, both or an unexpressed concern over self obsolescence.

Why Have A Successor?

And so most procrastinate this responsibility. And when ever an important achievement or task is put off, there is always an eventual day of reckoning.  Sometimes that reckoning is easily evident. When an owner’s exit is eventually planned, your business broker breaks the news that your multiple that determines your selling price, is reduced due to management succession shortfalls.  In other situations the consequences fly under the radar. It may be the Peter Principle applies. Management reaches their level of incompetence and the organization’s growth is silently limited by leadership stagnation.

busIn any case, you should be aware that the groom your successor school always has open enrollment. So ask yourself…

Is my successor ready to take the reins if I get hit by a bus tomorrow?

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