6. Prepare the successor for his or her first year of employment. Aside from the one-on-one referenced above, the successor needs to be prepared for the environment in which he or she will be entering. A favorite mantra of mine to my son was: “The only privilege you have as being a successor in our family business is the opportunity to work twice as hard as everyone else.” Tip: Be honest and share your successes and failures. It will enhance the learning curve and build longstanding trust.
7. Identify on the front-end a mentor for the successor. Choose that individual wisely. Tip: Owner — keep your distance. It is not your job to be a mentor.
8. Create a professional development plan for the successor. It is vital for the successor to get to know as many aspects of the company as quickly as possible. To do so and to do so effectively, he or she needs a written professional development plan to allow him/her to know what is expected. Tip: Be realistic in these expectations. If not, you will be setting them up to fail.
9. Periodic check in by the owner. From time to time, do lunch or have a drink with the successor just to get a feel on how things are going. Tip: Keep these casual and conversational.
10. Celebrate successes. The burden and pressures on any successor are immense. Take time to celebrate his or her successes. Tip: Do so in public and private.
Looking back on the last two years, our succession plan has exceeded my wildest expectations. If done, and done correctly, it will prove to be one of the most gratifying and rewarding initiatives you will conduct in your business life, barring none. You have successfully completed a well-thought-out and well-executed plan and created a “new beginning” for your successor and your company. No better legacy can be left.
G.A. Taylor Fernley is president and CEO of Fernley & Fernley, an association management company founded in 1886. For more information, visit www.fernley.com.
