It's incredibly important to stay involved at some level in the business and the industry. It is just as important that they avoid some of the pitfalls of involvement that many unintentionally fall into - or get dragged into.
Many owners fail to recognize the level of influence they exert just by being present.
Successor(s) can feel stifled in their communication or may see it is a mental safety net. Both of those will impact their own leadership development. Look at simple things, such as changing offices to something out of the way and changing your work times, allowing your new leaders to truly lead.
Many times succession happens at a business inflection point, so the new leadership team will be making decisions about market strategy, organizational structure, and culture.
Regardless of their intention, this can also be inhibited by too heavy of a presence from the outgoing owner.
This is Part 6 of a 15-Part Series
Topics Covered in the Series Include:
- Integrating Other People and Processes
- Where to Turn for a Helping Hand
- The Ideal Lifestyle for the Retiring Contractor
- Issues Specific to Contractors
- Communicating Family Succession Plans
Interested in learning more? Contact us.
