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If you have made a business from the ground up, it can be difficult to imagine the day when you no longer guide it. But sooner or later, every founder faces a strange truth: time will go out and turn it towards someone else. Whether you are handing it over to a family, a trusted executive, or a new owner, the act of succession is not just important, it is important for your inheritance.
I have planned one of my top priorities for the past 30 years. I have learned that you have the only way to transfer good transfeere if there are trained people with strong planning. This is not surprising, because I have three sons and three nephews who have worked in our company for many years. They are all earning their way in the United Franchise Group. When I go, I expect them to have a peaceful power transfer.
That is what I have learned about the succession process and how you can manage yourself in time.
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Start with the right mindset
First and probably the most difficult step is accepting that your successor will bring his thoughts to the table. This is a good thing.
Yes, your thoughts made the business. Your strategy and values laid the foundation. But the next leader must look at things differently, and they need. This is not about to replace your vision, but rather to build on it. You should be fine with the mantra “new leader, new vision”. This does not mean that everything has to change overnight. This means that you cannot run your company from the grave. You have to let go at some point.
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Identify your successor soon
The better you can identify the person or the team who takes power, the better. If your selected successor is already part of your senior executive team, they should know that you are preparing to pass the sticks.
In large organizations, one person cannot be enough to shoulder the entire leadership burden. In this case, consider dividing the high role into two, such as the President and the CEO. Distribution of responsibilities can lead to more manageable transition and can allow successors to play according to their power.
Above all, look for someone who listens more than talking. A great leader is keen on, asking deliberate questions and listening to the answers. They should understand and respect the history of the company, but they will also be able to put the team around a new, compelling vision.
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Train them – and team – okay
Once you identified your successor, the original work begins: Training. Start quickly. Don’t wait for the last year or quarter of your career to start preparing your alternative. For example, bringing them with you will have at least six months to one year, but more time is always better.
Training does not stop with the new CEO. You have to invest in someone else with your senior executive team and decision -making power. Its purpose is not to protect the company because it is in the hands -off, but to ensure that the new leadership understands how and why things have worked. This knowledge provides them with a strong point starting where to invent.
Show them systems, values and people who run your business. Give them context for your decisions and invite them to challenge their assumptions. Think about your company to prepare for development without you. And remember: Be patient. If there is more time for a smooth transfer, take it. The amazing transfer of responsibilities can reduce friction and give the team time to adjust.
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Prepare unexpectedly
Even Best Late succession plans can target unexpected conflicts. Your selected successor can leave the company because of a health problem, change in personal conditions, or desire to differentiate. The key members of the team can move forward. Market conditions can change.
The same Flexibility It is important to build in your succession plan. It should be a living document, not strict guidance. See it again regularly. Be honest with yourself and your leadership team, what is working and what is not. Emergency planning is important for long -term success.
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Write your next chapter
Once you move the business to a new leadership, one last transfer is: your, In retirement. Just as your business will continue without you, you will continue without your business.
This time you do not need to follow stereotypes in your life and is full of golf. There are also many things that can make your next chapter beneficial: traveling, testing items outside your bucket list, volunteer services in your church, or favorite charities. Being a guardian of young executives can add you to the industry of your choice and enable you to return it.
I haven’t retired yet, but when I do, I know I am leaving my company in a capable hand – and I can’t wait to wait for the new leaders to take it.
If you have made a business from the ground up, it can be difficult to imagine the day when you no longer guide it. But sooner or later, every founder faces a strange truth: time will go out and turn it towards someone else. Whether you are handing it over to a family, a trusted executive, or a new owner, the act of succession is not just important, it is important for your inheritance.
I have planned one of my top priorities for the past 30 years. I have learned that you have the only way to transfer good transfeere if there are trained people with strong planning. This is not surprising, because I have three sons and three nephews who have worked in our company for many years. They are all earning their way in the United Franchise Group. When I go, I expect them to have a peaceful power transfer.
That is what I have learned about the succession process and how you can manage yourself in time.
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