Identifying a successor in a business is never an easy task, even in cases where a clear-cut candidate exists. Many business owners think they can name a successor, spend a couple of months putting together a transition plan and go on their way. Complicating factors can include financial demands, lifestyle expectations, rivalries, conflicts, even petty jealousies over possessions. At almost every turn, a new disagreement can be encountered that can tear the relationships apart and/or destroy the business. Many times these issues are like the proverbial elephant in the middle of the room - no one wants to discuss the issues but they will not go away on their own.
Many leaders must come to terms with the fact that the next leader will not come from the corporate bench – an issue that can cause conflict with stakeholders and employees. Many leaders feel that they must make a choice between doing what is best for the business and keeping peace.
Consultants can be very effective at counseling in how to communicate with stakeholders and employees more effectively, choosing a successor to run the company as well as transition. The consultant will get everyone to sit down with each other and talk openly about the tough issues. The Consultant can develop a process for discussing issues and making decisions in a way that everyone feels their concerns have been addressed.
Many times, the toughest part of the process is telling a particular employee that they will not be taking over the business. Even with the help of a Consultant the going may be slow as arguments, personal conflicts and petty jealousies may continue to get in the way.
The following are some things you can do:
Work on the process first. Decide how you will communicate with each other and make important decisions going forward. Until you reach agreement on a process that everyone considers fair, you won't be able to get past the personal conflicts that get in the way of the real issues.
Get outside help. Find an experienced business consultant who has the best interests of everyone at heart. Look for someone who understands what you're trying to accomplish and can communicate with everyone while earning their trust and respect.
Just do it! The longer you put it off, the harder it gets. It is a journey better started sooner rather than later.