057 - Biggest Mistakes when Pursuing Succession

July 8, 2016
What can go wrong with succession. Today, I am answering Jeremy’s (North Chesterfield, VA) question, from the perspective of business owners and leaders.

I believe there are four common reasons:
  1. Hoping that you get lucky
  2. Looking for your alter ego
  3. Trying to mentor successors on your own
  4. Relying on the successor for your pension

As you may surmise from the above bullets, succession is not a slam-dunk. The biggest mistake people make is that it is about finding the perfect successor who will run the business as well, or better than the founder. 

A better approach is to think about the organization first and the people second. Even if you found the perfect candidate, she or he will still be human and can be poached, get full of themselves and slack off in the comfort of a nice salary and the corner office.

Tune into the show to listen to the details. 

And please don’t forget to review the show on iTunes. It will help it reach more of us succession seekers.

Your succession is success.

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