Grooming your Successor
It is easiest to take the path of least resistance and to choose a candidate just like yourself. But, as we discuss in the Business Expansion section, growth and management require different skills than start-up businesses.
There are many, many resources on business leadership and management for you to refer to. Typical leadership qualities are:
Creating the climate for leaders to develop to their fullest potential is the real challenge at hand. The pitfalls of creating business leaders are many, and this even more prevalent in a family-led business. Finding the right person, whether a family member or not, is a process that can take minimally six months.
Here are some signals that you are off-track with your leadership and/or the incumbent’s leadership
Most business owners are strong-willed and independent. It may be hard for you to step away, especially if you still have a financial stake. But, once you decide to leave, it will be best for all if you do so gracefully. Enjoy the next chapter in your life as a business expert. You can even volunteer with our organization (or others) and contribute to help growing businesses in your community!