#1 Mistake Costing You Commitment from Your Successors

number 1 mistake costing you commitment from your successors

#1 Mistake Costing You Commitment from Your Successors

A lot of professionals and business owners wonder why it is so difficult to get their potential successors to engage “like owners” in their roles.  These business owners have deeply held beliefs regarding how they should be.  These beliefs are often linked to more than a few assumptions about their successors as people and the role of a successor.

At the same time, many Next Gen professionals who’ve been tapped as a successor are frustrated by what they perceive as a lack of transparency and a growing sense of uncertainty about the plan for succession and what it means for them.

If this sounds familiar to you, it may be time to consider a shift in perspective from “me” to “we.”   This simple shift can be the first step in the direction of correcting the #1 mistake blocking whole-hearted commitment.

The #1 mistake is a blind spot shared by many of your peers 

Something I see a lot in my practice are successful, talented entrepreneurs who have experience and tremendous success with a laser focus on attracting and retaining clients. This focus over the years has contributed immensely to the growth of the business and enterprise value.

While exhilarating, all this success also creates a blind spot around what’s needed from them now as a leader.  It’s this blind spot that keeps them in constant motion and making these 3 critical mistakes relative to team and successor development: 

  1. Failing to demonstrate that they value their growing team as people.
  2. Not prioritizing time to cultivate relationship and rapport
  3. Not investing in their personal growth and development as a leader.

Does this sound familiar to you?  It’s so common because your success in getting to this point has required an impressive set of skills and hustle.   As the business grows in revenue, value and team size, the day-to-day work has everyone in hustle mode.  Not surprisingly, it can be difficult to step back and recognize the rising level of complexity that requires a shift in your focus and the new skills needed to lead effectively.

Preparing your business, your team, and your Next Gen professionals for success today and a successful succession outcome in the future requires a “leadershift.”  A leadershift is the essential shift from a “me” orientation to a “we” orientation. It occurs when you widen your perspective and prioritize investing your time and energy in cultivating “know, like and trust” with your people.

A view of what’s possible through the wider lens of “we” 

Smart, talented people recognize and appreciate leaders and a culture committed to a core value of “win-win.”  Demonstrating a commitment to this value is not optional if you want fully engaged and committed Next Gen professionals and successors. It’s more important than ever in the current climate where demand is high for great people.  They have choices!

It’s not a secret that for many Next Gen professionals, the lack of transparency and uncertainty about their firm leaders’ personal plans and the status of succession planning are contributing to feelings of anxiety and frustration.  I’ve personally heard stories shared by more than a dozen just since the start of 2022.  Every one of these experienced, smart professionals now sees themselves at a crossroads wondering, “Should I stay, or should I go?”

You lay a foundation for success one rapport-building conversation at a time about what matters most in creating a shared vision of success.   These are inclusive, courageous, candid (aka out-loud) conversations between people who care about each other, and their work and truly desire a “win-win” outcome.

My Triple Win Succession Formula provides a fresh perspective for leaders seeking to shift their thinking and approach. This formula is rooted in whole-hearted commitment to a creating mutually rewarding outcomes for all involved and supports:

  • Finding the balance between your win, your clients’ win, AND a win for successors.
  • Willingness to expand your perspective beyond the narrow lens of what’s at stake for you—your family, financial wellbeing, and legacy.
  • Engaging in courageous, candid conversations to mutually discover the ideal balance between your needs and that of your successors
  • Challenging assumptions you hold about your successors needs and motivations… are you sure?

A non-negotiable place to start is prioritizing time to “zoom out” to see the big picture.  Where is your starting point from a relationship/stakeholder perspective?

You lay a foundation for success one rapport building conversation at a time about what matters most in creating a shared vision of success.   These are inclusive, courageous, candid (aka out-loud) conversations between people who care about each other, their work and truly desire a “win-win” outcome.

Do you want to explore how the Triple Win Succession Formula could work for you?

Let’s connect!  I’m on a MISSION to help successful, entrepreneurial professionals bring heart to their plans for succession.  Together we’ll determine what matters most for you and your stakeholders starting right where you are.

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Click here to download our complimentary report– “5 Questions Business Owners Never Ask and Should, to Create a Succession Plan that Works ”