Business owners interested in succession planning often come to me for two reasons. First, they have reached a point where they need to start planning for their eventual exit from the business, however they feel stuck and don’t know where to start. Furthermore, they may be frustrated as attempts to develop an exit plan often quickly become derailed and go nowhere. Finally, in certain circumstances where a plan is developed, they are struggling to execute the plan and exit the business.
The second reason stems from business owners finding themselves in a position where the business owns them and they don’t own it. As a result, they are spending too much time working and their life is out of balance. Additional frustrations may also stem from feeling as though their job is primarily putting out fires (addressing one crisis after another) and that their people are not capable of handling their responsibilities. Overall, they have lost the joy of being a business owner and may be reaching a point of burnout.
Coaching Plan
The solution to these problems often requires getting the right people in the right places, strengthening the organization by strengthening its people and putting in place internal processes and procedures designed to enable you to confidently transfer all or part the responsibility for the business to others. However, even with the appropriate processes in place, business owners often have a hard time delegating to others and letting go of their business.
I believe delegation is a challenge because it requires business owners to relinquish aspects of their identity that have likely served as a cornerstone of defining who they are. Accordingly, a typical coaching plan often begins with answering the following question: What does being a business owner mean to you? In my experience, answering this question is invaluable for gaining insights into the challenges you will face when developing and implementing your succession plan. In turn, understanding and addressing these challenges upfront often provides an important foundation for success and enabling you to move forward.
Building on these insights, we will turn our attention to identifying measurable objectives, key milestones and a timeline for your succession plan. Next, our coaching sessions will shift into assessing your organization. During these sessions, we will begin to answer a series of questions, such as:
How does succession fit with your organization’s strategy and vision?
What needs to be done to get the right people in the right places?
How will your organization develop its people to be able to take on increased responsibility?
What processes and systems need to be in place for you to confidently delegate to others and let go of your business?
The main purpose of the assessment phase is to yield a set of action items. Accordingly, the final phase of the coaching plan often entails prioritizing the action items, reviewing progress in light of your timeline and goals and addressing any challenges, issues or roadblocks.