Ideally, you already know exactly who you wish to take over operation of your company after you are no longer here but this is not always the case and there is no such thing as determining the person too early. Even if you are only just beginning to see signs of growth and success, the need to have a successor on hand on the off chance that you experience any sudden turn of health is a critical action to take towards the future of your company. This will help to ensure that your legacy is continued after you retire or are no longer available to operate the business and it will ensure that the company is left to the right person and not simply taken over by the first person with the right amount of ambition.
A business succession planner will know how to help you identify leaders and what to look for in a candidate if you are currently unsure of what you prefer to see in the leader of your company. He or she does so using years of experience in the field. When searching for the right person for this position, look for those who have a high level of emotional intelligence, meaning that they know how to use emotions for success and when to pull them back and be impartial. Commitment to your values as an organisation is also critical along with a high level of great results in past performances to prove that commitment and emotional intelligence come together in the right person.
This is your opportunity to carefully review each of your candidates in order to find the person who is best suited to cover your needs as a company and more. Once you find a potential person to whom you plan to hand over the company, you may choose to improve his or her capabilities by providing training and coaching as needed to bring him or her up to the level that you prefer. With the right planning and educated decisions, you will find the perfect person to succeed you after you are no longer capable of operating and managing the company on your own.
Avoid Disproportionate Salaries
Executive salaries are higher now than ever and being forced to bring in an executive from another company may result in this person demanding a high compensation package to leave the security of his or her current position. Setting up a succession strategy will not only eliminate this issue but ensure that you have the right person for the job lined up to take it over from the very moment that you decide to step down and relinquish your operational control. With this plan in place, there will never be any gap between vacancy and occupancy so that the new leader may get to work the moment that he or she sits down inside his or her new office.
It may be that you wish to have your son succeed you or that you want someone who you trust to continue following the path that you set up for your brand for the ongoing future. Failing to set up a plan may cause any number of changes to occur outside your control that may alter the brand that you so love and enjoy.