The #1 Secret to Successful Succession
A lot of firm founders and shareholders wonder why attracting and retaining great team members and potential successors is such a struggle. If you can relate with that, it’s time to slow down for some self-reflection.
You may be thinking, “Who has time for self-reflection?” or “What does self-reflection have to do with having a great team?” It has EVERYTHING to do with it!
Taking time for reflection is non-negotiable for successful, caring leaders. Often, firm leaders get trapped in the constant motion that’s required in the beginning as they bootstrap their practice. This laser focus on growth acts as a blinder, blocking the signs that a shift from a pure production focus to one of leadership is critical.
Successful succession outcomes require entrepreneurial financial advisors to become leaders. This happens long before the execution of a transfer of ownership… and it’s not about being “boss.”
What’s needed is a Leadershift
Something I see a lot in my work with clients, is big-hearted advisors who are often unaware of the fast-moving current in which they operate. They frequently feel helpless to make changes to their own workload, much less guide, mentor and develop key team members.
The idea of shifting focus from 100% production and client service to allocating time for self-reflection, seems out of the question. Yet, that is exactly what you need in order to:
- Get clear on your true aspirations for your business now.
- Ensure you have a plan in place when the time comes for you to transition to the next stage.
- Consider what’s “in it” for your team and potential successors—your “stakeholders.”
- Engage in productive conversations with stakeholders to develop a mutually rewarding vision of success.
This process gets you started in designing AND executing a plan for succession while leading from a “Win-Win” perspective. Check out this recent post to learn more about the role communication plays in engaging in “Win-Win.”
Embracing “leadershift” is the secret to setting yourself apart from other firms in a very competitive market for talented, caring professionals. At its core, it’s a commitment to the ultimate “Win-Win-Win.”
The pitfall of being addicted to urgent
Webster’s dictionary defines pitfall as: a hidden or unsuspected danger or difficulty. Some readers might think “addicted” is too strong of a word. However, in my experience, it’s accurate.
Take a moment to consider what your immediate reaction was to the idea of carving out time for self-reflection. As the definition spells out, it’s a hidden difficulty. Something we’re not always consciously aware of. Your feelings (yes, I said feelings) are a perfect indicator for whether you too are trapped in the fast-moving current of doing.
Did you feel defensive, anxious, worried, frustrated, helpless?
All these feelings and your thoughts about what’s important are normal.
However, will surrendering to the status quo now, allow you to build a sustainable business and leave the kind of legacy you truly desire?
Achieving desired results requires investing in the time, energy and activities—including self-reflection—that are mile markers on the journey to a successful succession experience.
Will you accept the challenge to make the time for reflection?
To get you started, here are some questions you might consider:
- What really matters to you?
- What are you building?
- Who are your key stakeholders in building the business? In succession?
Imagine what else is possible when you and your team are excited and engaged in a “win-win-win” vision of success.
Are you ready for a Leadershift?
I’d love to learn more about your aspirations for your business and legacy.