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Gerber Financial Advisors


GROWTH WITH PURPOSE: SUCCESSION PLANNING

March 12, 2020
 
Most entrepreneurs think of succession planning in an extreme, dramatic fashion - such as death, disability, selling the company, and retirement.
 
It means all that, but that's about you as the entrepreneur.
 
To grow your company with purpose, you need to think about succession planning in terms of the organization - for your people, your company's seats, and having the right people in those seats.
 
The reality is the seat you needed 3 years ago may have evolved into a different seat you need today.
 
Here's how to stay on top of succession planning:
 
Have a formal succession plan, and know it will be wrong most of the time
Your formal, written succession plan around death, disability and a sale won't be wrong very often. But your formal succession plan for your organization will be right for only a short window of time. As your business grows, the seats you need will change, and so will the people who fill them. Your succession plan must adapt for this. It's a very active, ongoing process.
 
Hire for values
It's extremely important that an FGE establish well-vetted values - values you can hire and fire to. Your values should be behavioral, measurable and actionable. They shouldn't be overused words excellence or integrity that most companies would expect their employees to have. Your values should separate you from other companies and define your company's culture. Once you've established them, interview for values first, skill set second.
 
Hire Proactively
So many business hire defensively - for a position they need right now. I would argue that you should hire offensively for those individuals who share your company values. Always be interviewing. Professional recruiters have learned how to do this well. They are always hiring whether they have open positions or not because they know how hard it is to recruit the right people.
 
Review your succession plan quarterly
We use EOS, and the quarterly rhythm of the process forces us to think about succession planning for the person and the seat. We constantly evaluate who we have, what we need and what we need to do to match the right person in the right seat.
 
Seats will evolve as the business grows, and you will always need succession planning to fill them. This will be easier to manage and anticipate by referring to your Accountability chart, which defines and identifies your structure, the seats your business needs, the primary roles and responsibilities for each seat, and the people that will fill them.
 
What is your process for reviewing your succession plan? Share with us on Facebook, Twitter, and LinkedIn!
 
Any opinions are those of Randy Gerber and not necessarily those of Raymond James. Expressions of opinion are of this date and are subject to change without notices.


INDEX
  • GROWTH WITH PURPOSE: SUCCESSION PLANNING
  • GROWTH WITH PURPOSE: EVOLUTION OF FAMILY LIFE
  • GROWTH WITH PURPOSE: FINANCIAL RISK
  • GROWTH WITH PURPOSE: INTEGRATION
  • GROWTH WITH PURPOSE: WHY ARE YOU GROWING YOUR COMPANY?
  • GOAL SETTING 2020: HOW TO KEEP YOUR GOALS FRONT AND CENTER ALL YEAR LONG
  • ASK GERBER: HOW TO STAY LASER FOCUSED DURING THE HOLIDAYS
  • Ask Gerber: How to Identify Your Business's Culture When You Don't Think You Have One
  • Ask Gerber: When Should I Hire a Professional Manager?
  • Ask Gerber: Should You Mix Business with Friendship?
  • ASK GERBER: HOW DO I ESCAPE THE ENTREPRENEURIAL SLUMP OF FEELING TRAPPED IN MY BUSINESS?
  • ASK GERBER: HOW CAN ENTREPRENEURS CREATE SHARED EXPERIENCES WITH THEIR CHILDREN?
  • Ask Gerber: How Can I Recognize Permanent Failure as an Entrepreneur?
  • Ask Gerber: How Can I Recognize and Overcome Temporary Failures?
  • ASK GERBER: HOW DO I HELP EASE EMPLOYEE STRESS DURING BUSY SEASON ?
  • ASK GERBER: DO I NEED TO HIRE HR?
  • ASK GERBER : DO I NEED A CEO?
  • ASK GERBER: DO I NEED TO HIRE A COO?
  • ASK GERBER: DO I NEED TO HIRE A CMO?
  • ASK GERBER: DO I NEED TO HIRE A CFO?
  • ASK GERBER: HOW DO I KEEP PASSION AND PROFITS TOP OF MIND IN MY BUSINESS?
  • ASK GERBER: WHY DO I NEED TO INVEST IN HOSTING AN ANNUAL RETREAT FOR MY TEAM?
  • ASK GERBER: HOW CAN I ENGAGE WITH MY CLIENTS/PROSPECTS WITHOUT BREAKING THE BANK?
  • ASK GERBER: WHAT IS A CLIENT SERVICE MATRIX? PART DEUX
  • ASK GERBER: WHAT IS A CLIENT SERVICE MATRIX? PART ONE
  • ASK GERBER: THE HIRING PROCESS. WHY IS IT SO DAMN HARD?
  • ASK GERBER: WHY IT'S IMPORTANT TO KNOW AND GROW YOUR COMPANY CULTURE
  • ASK GERBER: HOW DO I ACHIEVE THE WORK/LIFE BALANCE AS A BUSY ENTREPRENEUR?
  • ASK GERBER: HOW DO I PREPARE MY FRIENDS FOR LIFE AS AN ENTREPRENEUR?
  • ASK GERBER: FIRST GENERATION ENTREPRENEURS AND BUSINESS EXECUTIVES, HOW ARE THEY DIFFERENT?
  • ASK GERBER: I PUT SO MUCH OF MYSELF INTO MY BUSINESS THAT I WORRY I AM FALLING SHORT AS A SPOUSE AND PARENT. WHAT CAN I DO?
  • ASK GERBER: ARE CHILDREN OF FIRST-GENERATION ENTREPRENEURS MORE LIKELY TO BE SPOILED?
  • ASK GERBER: WHAT'S YOUR STANCE ON REMOTE ACCESS FOR EMPLOYEES?
  • ASK GERBER: WHEN DO I NEED TO HIRE AN ADMINISTRATIVE ASSISTANT?
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