If you’re a fan of the HBO show Succession, you’ll see leadership hubris, lack of role clarity, backstabbing, and ultra-fast-double-talking. Hopefully, your small company doesn’t have these dramatic attributes, but the 1 thing you might have in common is…no succession plan!
You don’t have to be leading a multi-billion dollar company to care about succession.
After all, 100% of business owners will leave their business someday.
Whether a business thrives after an owner leaves depends on your succession plan to ensure a smooth transition.
On my podcast Succession Stories, I love talking with entrepreneurs and business owners about transition topics.
Why?
Because a well-planned and executed succession can improve your business value.
If you’re going to continue to run your business for the next 10 years, having the bench of people around you is important.
Having the people and processes to support you as a business owner, is not only going to make your company more valuable, but it will make your work-life balance better.
And best of all, it will create more enterprise value because your company will be more transferable being able to thrive without you.
That’s a win.
That’s why I invited author Beth Armknecht Miller back to the show to discuss her book Replaceable: An Obsession with Succession.
If you want to ensure a successful leadership transition in your company, give the episode a listen — on YouTube, my blog, or wherever you enjoy podcasts.
Listen in to learn more about:
- Building a plan for life beyond your business
- What separates successful transitions from those that fail
- Why a succession plan should be an ongoing process
- Analyzing the gaps between your key people and key positions and developing your team in time
- How to communicate your succession plan with your team
- Mapping out a competency ladder for your company for effective leadership
- Tools and resources to help you gauge your readiness to transition both at a personal and business level
Let us know what part of the conversation most resonated with you, we’d love your thoughts. Reach out with any questions to laurie@thebusinesstransitionsherpa.com.
