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Category: Management
Succession planning for peace of mind
Several years ago, I was meeting with the owner and founder of a mid-size manufacturing company that employed around 200 people. We will call him Jim. He wanted to know if I could help him work with his people to prepare for the eventual sale of his company. Jim was in his late 60’s and ready to sell his company. When I asked him what his biggest concern was, he said, “Seeing one of my loyal employees on the street after I have sold the company – especially if I knew things weren’t going well with the new owners.”
Since this conversation, I have heard many retired owners say the same thing. What can we do to help ensure that the leaders who follow us are able to build a working environment just as good as we did, or even better?
Step #1: Start early: A good rule of thumb is at least five years from the handoff.
Step #2: Get the right people in key positions: Look at the key positions and make sure we have the “right people on the bus”. Our leaders must be proud of their work and the special qualities they bring to the company, and this enthusiasm must show. There also must be a way of measuring their progress. If someone is not the strong leader you are looking for find another place for them. Don’t waste precious time with someone you know isn’t going to work out.
Step #3: Strengthen communication and teamwork skills: Hire a performance coach to work with your team so that all departments develop the ability to work together seamlessly.
Step #4: (Two years out) Hire a succession consultant: There is a process involved in selling your company that needs to be followed You can figure about two years to allow proper time for each step. You will have a timeline.
Most owners procrastinate and don’t do these 4 things well. Don’t be one of them! Have a happy sale!
How to stand out above the crowd in coming year
Looking ahead to the New Year, are you interested in strengthening your leadership skills? If so, there is one area of growth that must come first before anything else improves. Do you know what this area is? I’ll bet you do: It is improving our listening skills. Our skills in listening are vital in building trust and maintaining focus and clarity. Here is some good news: The next few weeks should give us ample opportunity to put a better edge to our listening skills. Here’s how:
Think of a gathering you will be attending this holiday season. As you anticipate each event, work on developing a mindset of simply showing genuine interest in others. Here is an example:
Last night I attended a church function, and as soon as I entered the door, I encountered a smiling older lady who had given me cookies during our last visit. I began the conversation by saying how much I enjoyed the cookies and why I liked them so much. I then asked if she would share the recipe. She was thrilled to do so. Next she began talking about how she made the cookies. and the special people she gave them to. It was her passion, and she was sharing it. Our conversation probably lasted about 10 minutes, and all we talked about was the cookies and how she loved to give them away. I walked away from the conversation knowing I had sincerely given her my full attention, and also picked up a good recipe.
Before you go to your next social event, I recommend you go with these two objectives:
- Have a goal of learning something about someone.
- With genuine sincerity, let another person talk about something important to them.
Do this, and you will be exercising your listening skills and building good relationships.
Get the strongest start to the new year
Jim Rohn was an entrepreneur, author, and motivational speaker who became a world-wide expert on personal development. He started as a high-school dropout. In his early 20’s he hired a mentor, Earl Shoaff. One of the first questions Mr.Shoaff asked him was how many books he read a year. The truth was, he read very little. “That’s not a good answer!”, Shoaff said. From that point on, Jim Rohn decided that he would be an avid reader. His mentor knew the truth: High achiever’s read a lot!
Over and over again I find this to be true. Think of the most successful people you know in this business world: Most likely they read whenever they get the chance. When they are driving, they are listening to books or some other form of audio education.
I was reminded of this truth just this week. A client of mine reads constantly. While reading in a spare half hour while waiting for his car to be serviced, he re-acquainted himself with an important management practice that he was falling short on. After further thought, he realized that his management practice of holding a 15-minute team meeting each morning needed to be revived. He remembered that his team was most productive during the COVID outbreak. This daily habit was a critical factor. He began this week with absolute confidence that bringing these meetings back will help lead them back to peak performance.
Bob is an avid reader and he knows the payoff of keeping up with his reading. Are you keeping up with your reading? Are you reading enough? With the New Year about to be started, what is your reading commitment?
Great leaders bloom where they are planted
I was 19, and it was a hot summer day in Southeastern Kansas. I was working a summer job in a bottling plant and I was finishing up a long day. My final duty for the day was helping the route drivers empty and refill their trucks. All of the drivers had been working hard since 5am, and often, when they drove in, they weren’t always in the best mood. There was one exception: His name was Tim. No matter how hot the day had been or how sore his muscles were, Tim came in with a smile thaat brightened our day. He would call us by name, had a great sense of humor, and was kind and respectful. He was the kind of person that inspires good will in others, and me and the loading team would always go the extra mile for him. He inspired us to do our best. You may wonder what happened to this young 21-year old as time went on. I know what happened to him: He married my sister and they were married for 51 years until her death in 2019.
When I think back to that day in the bottling plant nearly 60 years ago, I realize that every fine leader I have coached has those same qualities that Tim had. He was positive, friendly, helpful, respectful, and genuinely interested in others. It is no surprise that he spent his entire career in high-level leadership positions in major corporations. Tim knew how to “start by starting”, work hard, and work well with others. Wherever he was planted, he knew how to bloom, and take others along with him.
Replacing fear with confidence
“Hope for the best…prepare for the worst” – Chris Bradford
A prominent leader was once asked what the most important advice he could give someone to have a successful career. He replied, “Prepare relentlessly”
Have you ever found yourself getting jittery about an upcoming presentation or event? If you are, my question to you is: “How prepared are you?”
Several years ago, I experienced a cheap lesson in the value of being over-prepared. I was scheduled to facilitate some training at the headquarters of a major corporation. I had put together a PowerPoint presentation and I was assured by the event coordinator that all I needed to do was bring the presentation downloaded on a thumb drive. As a backup, I decided to bring my laptop. It is a good thing that I did! When we began setting up for the session, the tech set-up person ran into some difficulties. The system would not work. He began to panic. I didn’t. Instead I pulled out my laptop and it saved the day. The session went smoothly, and I felt good about it afterwards.
When you are anticipating a future event, here are two questions I have:
- What are you concerned or stressed about?
- What can you do about it?
Answering that second question can lead to some additional research or rehearsal. I will leave you one of my favorite quotes from Dale Carnegie:
“When you go through life unprepared,, you won’t go alone…FEAR will be your constant companion”