Succession Planning for your Organization

4 Steps to Stepping Away (and Spending More Time on the Golf Course)

I’ve said it many times and I’ll say it again: you need to start seriously thinking about your succession plan by 45. Ideally you want to work with your successors for 10-20 years before you hand them the keys. If you wait until you’re 65 it’ll be along time before you’re happily spending your days on the golf course.  

Here’s my 4 Step Plan to Stepping Away

●      45-50 years old: start identifying potential successors. Depending on the size of your organization it could be 2-3 people or 5-6. Meet with them to gauge their level of interest.

●      50-55 years old: you’re actively developing your leadership candidates and offloading your workload and assets to them (responsibilities, client lists, and any other details you deem fit)

●      55-60 years old: you’re intentionally stepping back and creating space for them to fill. Let them lead meetings, set long-term goals, and take over select pieces of your role.

●      60-65 years old: you’re perfecting your backswing on your favourite course.

Pro tip: don’t surround yourself with people the same age as you. It’s a smart strategy to have your company’s shares spread out across a wide range of people who will retire at different times.

It prevents all your organization’s experience and knowledge from leaving at the same time. It also builds in ample time for succession planning. While the 65 year old is developing the 45 year old, the 45 year old is developing the 25 year old. Decades of leaders are in the making at the same time. You’re company is in good hands for the foreseeable future and beyond.

This may be a bit oversimplified, but the framework is solid. And don’t worry, we’ll be diving deeper into succession planning in July blogs - stay tuned!