Even though John, the CEO of a mid-sized family business in construction, had set a retirement date on his calendar, he was still hesitant. “How do I know if my son is competent enough to run the business in my stead?” he asked himself. Maybe you are approaching succession and have had similar concerns.
Leaders who prepare their successors are far more likely to see a successful transfer of leadership. In this three-part blog series, we are going to show you 5 different tips you can use to prepare your successor well. Today, we are going to cover the first tip.
1. Apply your successor’s unique strengths and leadership style.
Your successor probably has a leadership style different from your own. They also likely have different gifts, talents, and abilities. Part of preparing your successor is talking to them about how they can use their God-given leadership style and gifts as a part of the company.
- First identify your successor’s wiring and gifts. What gifts has your successor always had, even when they were young? Celebrate your successor’s gifts by encouraging him or her to use them in every stage of life and promoting their leadership style to stakeholders in the company.
- Next, brainstorm how your successor’s gifts can be applied while at the helm of the family business. Give them opportunities to use those gifts in ways they have not done so far. For example, with you present, have them run a meeting you normally run. Is there a special high-impact project that is perfect for their leadership style? If so, let them lead it.
- Then challenge your successor to identify how they can improve and grow. See what answers they come up with. In our next blog in this series we will talk about how you can mentor them. For now, it is important that they grow in self-awareness so that they can keep developing.
- Over time, push your successor to use his or her gifts in the company more and more. You want everyone to see they are competent to run the business.
Identifying and applying your successor’s strengths helps your successor create real impact on the family business. Preparation will encourage them to embrace ownership when the time comes and will give you the confidence to hand leadership over to them.
Chew On This:
What is your successor’s leadership style? How would preparing your successor influence the trajectory of your family business?
