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Thoughts on Leadership » Blog Archive » Succession Planning
Thoughts on Leadership is the brain child of Paul Bridle. This is the place that Paul shares his monthly thoughts.

Succession Planning

Posted: September 27th, 2013 | Author: | Filed under: Uncategorized | No Comments »
Two hands passing a baton

Handing Over the Baton

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Main Feature

Welcome to this months Thoughts on Leadership.

Over the last few years more and more Baby boomers who have built up their business have suddenly looked in the mirror and said “I’d like to retire” or “I’d like to move on now”. Of course there are those not doing this but that is a different story!

I want to challenge your thinking about succession planning and retirement.  Waiting until you are 65 or at the point when you want to leave is not an excellent idea.  So, what are you doing for succession planning? Are you even thinking about it?  It doesn’t matter where you are in your life, it’s about planning and knowing where you need to be.

There are two sections in succession planning.  Firstly, you need to make sure you have people prepared for your departure.  Will your successor have the knowledge, skills and ability to lead?  Will the people have confidence in them?  Have you got the business in a strong financial position etc. Secondly, have you got something to move on to?

I had a client who said to me “Paul, I want to leave in about five years”.  I replied “Good, the first thing we need to decide is what are you going to be doing with yourself in five years and a day?”.  To which I got a curt reply “That’s nothing to do with you!”.  It may have nothing to do with me, however, it has everything to do with succession planning”.

If you have nothing to do, then in five years and one month you’ll be under your partners feet.  You’ll be bored, looking for something to do.  Worse, you’ll give up and become lazy.  Even worse still, you’ll try to go back, only to find the business and people don’t need you anymore!

What are you going to fill your life with?  How are you going to lead an active, meaningful and fulfilling life?

Succession planning maybe getting the business into a good shape, but that’s the second part.  Firstly, you need something to move onto.  You need a target, otherwise you could find yourself not willing to leave.  It’ll give you a motivation and then the ability to move on.

Have a great month

– Paul

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