Turning Leaves, Turning Leadership: October Succession Planning

Let's talk a little bit about the end of October.

For many people, it's the week of Halloween. I think about it as strategic planning time, the time to look at the strategy forward for your business and where you want to be.

This also comes hand in hand with succession planning.

Some business owners think succession planning doesn't really happen until later, when you're looking to exit your business.

I don't necessarily agree with that. I think life happens, and we always have to be prepared, and sometimes, planning for your succession is the catalyst to move your business forward right now.

I was talking to a client the other day and she said, "You know, I'm not quite sure about the next few years, what exit looks like, and am I going to exit? What's best for me? What's best for the company?"

We started looking at her leadership team and looking at what her plans were for the future. We decided the next couple of years that our focus is on profitability. Some people know that as EBITA. Yu want to look at your profitability and your growth strategy and that's a catalyst in looking at your succession plan.

Another catalyst in looking at your succession plan is looking at your leadership team.

If you step away, if you slow down, if you take more vacations, what will leadership look like?

How will they lead?

What responsibilities do they have?

Are they prepared and ready for these responsibilities?

Sometimes succession planning and strategic planning truly do go hand in hand for you as a business leader.

If you have questions or want to talk about this, further, I am happy to chat with you. Most importantly, get to work on your strategic plan.

Be aware of what succession and success look like for you.