What You Should Know About Training Your Successor
If you are reading this as a business owner, I want you to take a moment to think about what your company will look like in 20 years. Are you still in charge or has control of your business been passed down to a family member or other successor? Maybe you have sold the company entirely and walked away with a substantial profit that will provide a solid foundation for your retirement. Whatever you see as the best possible future for your business requires careful consideration and planning, but with the assistance of a skilled business law attorney, you can begin to make it a reality.
Choosing a Successor
Your ideal scenario may involve hand-picking a person to eventually take over full control of your company. In fact, you may have started your business from the very beginning with the intention of passing it down to your child or grandchild. Alternatively, one of your hired employers may have shown promise as a budding executive, and he or she could potentially develop the skills necessary to ensure the company’s continued success. Whoever you select, it is important to identify an individual who is capable of handling the challenges not only of running any business, but also those specific to your industry.
Current clients can be valuable sources of feedback regarding your potential candidates, especially those with whom they have had extensive interactions. Your existing customers will need to be comfortable with the eventual change in leadership because, without their support, it could be difficult to make the transition work. It is also critical that your prospective successor is clear about his or her own objectives and goals. If they do not align with your own regarding your company’s future, you may want to consider someone else.
Training and Providing the Necessary Tools
Once you have reached a decision regarding a successor, be clear about your intentions. Inform him or her, along with the rest of your team, about your intended timeline and the process of preparing the person for the role. You will want to take an organized approach to training, working closely with your chosen successor to ensure that he or she is developing the necessary skills and work habits. Try to avoid overwhelming your successor, as burnout early in the process could have disastrous results for your company down the road.
As your successor becomes more comfortable, you would do well to remember that he or she will eventually reach the point where he or she does not need your constant attention. This is exactly what you want, as you are looking for someone who can ultimately run your company without you. When it happens, consider it a sign that you have chosen the right person and that the time may have come for you to move on.
We Can Help With the Process
If you are ready to start thinking about the future leadership of your business, contact an experienced Naperville business succession planning attorney. At the Gierach Law Firm, we are equipped to provide you with the guidance you need in preparing your company for the future. Call 630-756-1160 to schedule an appointment today.