Succession Planning

January 19, 2017

 

To founders, a business is more than a capitalist endeavor. It’s more than brick and

mortar, website and inventory. It’s a piece of them that’s been put into the world to

change an industry. Too often, succession planning focuses on teaching founders

how to leave their companies, but not how to strengthen their companies so they

can thrive even after the founder leaves. We believe that it benefits a founder—and

the business—to focus on developing an effective transition within the underlying

company, and we’ve got three tips that can help you do that.

 

1. Let your team know what’s coming. While it’s important to choose and train a

successor CEO, it’s quite possibly even more important to prepare and train the

team that will be there to support the new person in charge. It also helps them feel

like a part of the transition—like its success is partially due to them.

 

2. Be open about shifts in culture and objectives. A new CEO will bring new

perspective to the table. They may use their talents and experience to shift the

company in a new direction, toward new opportunities that might not have been a

priority for the founder. Keeping the staff informed of these shifts helps ensure that

they remain committed to the overall focus of the company and to its success. This

can take time since many of them will be tied to the founder’s original vision, but the

founder being supportive of these changes will help.

 

3. Find acceptable, limited ways to maintain a role in the company. Many founders

don’t want to leave their companies entirely, but it can be confusing to employees,

partners and board members if you have one foot in and one foot out. Clearly define

your ongoing role with the company and any limitations so that

everyone—including you—has a good idea of the boundaries.

 

Don’t think of your succession plan as a way of saying goodbye to your company;

think of it as the one way to help guarantee the future success of the organization

you built.

Share on Facebook
Share on Twitter
Please reload

I'm busy working on my blog posts. Watch this space!

Please reload

Search By Tags
Please reload

Archive

January 19, 2017

Please reload

Recent Posts

I'm busy working on my blog posts. Watch this space!

Please reload

Featured Posts

© 2017 NEST FINANCIAL  |  ALL RIGHTS RESERVED.

Actual fees may be higher or lower depending upon each client's specific situation and the products they select. Investors should note that the deductions of fees will impact overall account returns.  This communication is strictly intended for individuals residing in the state of Texas, California, Virginia, Maryland, and North Carolina. No offers may be made or accepted from any resident outside the specific state(s) referenced. Neither NEST Financial nor Union Capital Company, offers tax or legal advice. As with all matters of a tax or legal nature, you should consult with your tax or legal counsel for advice.

 

Securities offered through Union Capital Company, member FINRA/SIPC. Investment advisory services and insurance offered through NEST Financial LLC, 5323 Levander Loop, Austin, TX 78702 , 512-944-4882, which is not affiliated with Union Capital Company. Neither Union Capital Company nor its registered representatives, offer tax or legal advice.

5323 Lavender Loop | Austin, Texas 78702

512.944.4882  •  info@nestfinancial.net