VISION & STRATEGY www.ceotodaymagazine.com 66 Time to let go This may sound obvious, but you will be surprised how many founders and CEOs have trouble letting go. With so much time, energy and often money invested into the business, it can be a tough realisation and decision to accept it is time to leave. This is a completely natural reaction as a decision to leave frequently comes with concerns and unanswered questions both professionally and personally for the leader. These can range from ‘what will happen to the company when I leave?’, ‘how will I be remembered within the business and the industry?’ to perhaps most scary of all, ‘what’s next for me in my life?’. Procrastination around leaving not only comes from having to answer these questions, but also a lack of confidence and understanding about how to plan for leadership departure and legacy. It is no wonder that it’s a sensitive and little talked about topic despite its importance. For the best outcomes, we recommend you start succession planning at least two, but preferably five years before you intend to leave. The earlier the better – especially when business ownership and shares need to be considered. So, start as you mean to go on by working in close collaboration with your senior leadership team to create a planof action. By setting clear expectations and defining an achievable exit strategy as early as you can, you will avoid the challenging conversations and misinterpretations that can happen further down the line. Plan, plan, plan Succession planning requires a 360 approach - that is, to consider the impact of the founder or senior figurehead leaving the business from all angles and the perspectives of everyone involved. Having a robust and thought through plan that everyone can buy into is key not only for a smooth transition but also for ownership and accountability during the transition. We help businesses work through the tough questions that need to be discussed and resolved so a plan can be created. Engaging your management team It is always good to be upfront and honest with your senior team about your plan and timescale to leave the business. Your departure is as much about them as it is about you. Put yourself in their shoes, so you can consider and proactively address any concerns that are likely to arise along the way. It is crucial that all the senior members of your team are onboard and feel part of the future vision for the business. Clear and frank conversations and ongoing, open communication are key to this. You will inevitably have to discuss potentially contentious topics such as the future financial model of the business and individuals’ roles in its future leadership. However, by engaging and including your leadership team in the succession processes from the outset and establishing defined, measurable and timed objectives, they are more likely to feel confident in their future and empowered to drive the organisation forward in a way that benefits all. Having a clear vision A new era of leadership also offers the opportunity to reassess the business and see how it can be adapted and managed for future growth and prosperity. At its most extreme, it can trigger a completely fresh approach, but in order for any shift in direction to succeed, it is vital that a clear vision for the future is in place. This vision should be created collaboratively and endorsed by the outgoing as well as the new leadership. It must build on the organisation’s history and legacy while setting a bright new path for the future that the entire workforce can engage with and support. It often helps to seek external expertise to guide and direct this process to its best conclusion - outsider advisors can ask the challenging questions, mediate over any sticking points and offer a fresh perspective to those who may be too close to see the wood
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