My father and first business coach, Carlo LaManna, understands the big picture when it comes to succession planning. And the most important thing, in the process, is to act on your plans.
Most people won’t take action. They just hope their future will turn out well. Hope is not a strategy.
In many businesses, especially those that are family-run, Presidents and CEOs ignore succession planning. Whether they’re hoping to avoid a family conflict, or if they’re unwilling to admit it’s time to step down, succession planning is neglected.
Let’s take some inspiration from Carlo (who happens to be celebrating his 94th birthday this month) that can help you commit to acting on your future:
You Have a Responsibility
If you’ve built a successful business, your family, employees, and customers have played a major role in it. They need the business to continue after you’re gone. Did you forget that? The business doesn’t end with your goodbye cake.
These people made your company successful. You owe them. Consider this a debt you can’t leave unpaid.
You can’t take the business with you but you can create and leave behind a legacy.
Make Tough Decisions with Family
I was in line to take over the family business from my father. Professionally, I was ready to run the company. From my perspective, I was the choice.
But my father understood there were other issues to consider. At the time, I was struggling through a divorce. It was a part of life but it also could be bad for business.
My father was sympathetic but he knew the future of the company wasn’t just about me. A lot of people were depending on him to make the right decision.
So he gave me a big dose of tough love and I had to accept the fact that a group of investors was a more attractive and smarter option than me.
So You’ll Upset Some People
No matter what you do, no matter how equitably you slice up the pie, someone in your family will not be happy with your decisions.
Bad feeling can last for decades and sometimes that’s the price for doing the right thing. This is very hard for many people to accept.
You Must Prepare for Tomorrow
Great leaders aren’t surprised because they have a focus on the future. Carlo would say, “Nothing ever surprises me.”
He had an ongoing commitment to the future of the business. His eyes were open to new technologies and opportunities. If a market shifted, he was ready.
Can you see beyond your days as the boss? Do you honestly feel you’re ready to step back and let your company thrive without you?
When I coach clients, we expose blind spots and replace them with strategy. You must prepare for tomorrow, as if today depends on it.
Final Thought
Some owners never perform succession planning or act on succession planning tips. It’s always postponed until another day.
But for those who understand their responsibilities to friends, family and employees, pursuing succession planning is not just an option. It’s your obligation.
Need help with your strategy? We’ve got the team to make it happen.