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Done right of succession to the first

In an ideal world, a CEO selects and prepares a successor. He presents in his farewell party, pick up the clock gold, and heads for a life of happiness in places of departure and putting greens. His replacement on the throne hop, smooth transitions, and all live happily ever after. Unfortunately, there is a large gap between the ideal and real, because the outgoing business leaders unwittingly taken the wrong path to succession planning.

Most executives work on the premise that his successor should be worked through the ranks. This is a common misconception that rarely get the results you want. Let's say you run a billion dollar a year business, and you know that over the next ten years, will resign. Its current strategy revolves around two vice and a core group of managers. All are currently doing a great job, but nobody knows how to fill the shoes at this time. The current plan is to take a or two managers and get up to speed in the coming years so they can take VP-level positions: one for operations and one for finance. Then after a few years, you start training to do their job. So what's wrong with this approach?

First, most workers will complete the 10-year track. The average worker will probably fail to ensure the highest fee title rather than wait for his term for a possible promotion. long-term preparation may have worked in their parents 'or grandparents' generations. But considering how often and change jobs company today most employees do not stay in a company in the course of his career. You do not have a lot of time to waste: do not watch from afar and then wait to act.

Secondly, if you teach someone how to become a manager or vice president, will get a manager or vice president … not a CEO. The role of CEO, owner, or the president is not the same as a position of lesser rank. Running a department requires different skills and knowledge items throughout the organization. Grooming a successor to the first level has two stages.

Step One: Take your successor, that one day under his wing and teach you exactly Why and how do its job. A person with proven talent. There is a guy that can sell in their long-term aspirations. Maybe you have more than one person in mind … maybe two. Put both in an executive position with a rotation of 2-4 years. After that, select one and let work closely with the person for a few years. He or she is much less likely to abandon ship, because he sees the future and the goal. You can also see if this person can do what you need to do, without waiting too investing too much time and money. One-on-one instruction practice ensures that meets the needs of your organization and your personal schedule.

Second step: teaching from the beginning-of-the mountain view. Do not assume that the person selected is able to see what you see and at the same point of view. Get the big picture is time. You should cover seven key areas, which shows how each affects the company in general. They are:

1. Financial Knowledge. How to read, interpret and ethical decision-making balance sheets and income statements. The prospect of knowing how to structure deals, working with banks, managing costs, developing budgets, forecasts and operations.

2. Employee Issues: The CEO heads the recruitment and firing the food chain. Despite relying on human resources is important, strategic decisions to the chief executive to have a big impact that the successor should understand. Decide on the benefits, providers and management is a task complex. Illustrates how a decision such as the selection of a supplier over another impacts many areas, from how your company gains access to potential customers as in which the company retains employees.

3. Legal Basis: Executive decisions on contract law, environmental law, and the OSHA Act. Teach Mentoring to the basics that you know, and how, when and where to seek legal help.

4. Sale Tactics: The CEO sells all the time, and sales executive process is radically different and larger than the sales and marketing. Sales executives for banks, media, employees, merchants, lawyers, accountants and venture capitalists as well as to customers. Each is a different sales. One can be for business, you can be for money, and other may be to save money or to develop partnerships. A perspective that has all the other skills, but can not sell their ideas and never a great leader.

5. Marketing Strategies: A CEO visit customers at least once a year, since the projects of the company with customers involving large amount of dollars. Personal contact allows you to meet the needs of customers better than competitors using only email. Although costly, at U.S. $ 5-20 million on the line all the time, his strategy is a wise financial move.

6. Knowledge Industry: The vice president of operations may be at work for 10 years and never know how schmooze at a conference, who to trust and who to build relationships with. A VP without education expert can never know how to assess trends or position in the future successfully.

7. Thinking Strategy: A possible successor need to know to create a strategy and think about the business as a single entity and not as separate departments. This implies that new products and services, purchasing new equipment, display or competition.

The right approach to succession planning is twofold. Start imitation of today's competitive schedule, and include the successor of principles in the process, so you will not lose their best prospect to another company. A Then make sure you teach exactly how to become a CEO who can see the big picture, do not bother teaching him to be less. With the above information, you put yourself in a position of control, and create a stronger, more competent successor.

© David Goldsmith and Lorrie

About the Author

David and Lorrie Goldsmith are managing partners of a firm that offers consulting and speaking services internationally.David was named by Successful Meetings as one of the “26 Hottest Speakers in the Industry. More information at

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