Succession Planning at its Best

I’ve been watching and listening this last week, thinking about the meticulous planning and details with Queen Elizabeth’s funeral. 

I also have been watching the new King, as he glides into his new, albeit familiar, responsibilities.  When this wonderful Inc. piece appeared, I felt like I was less alone in seeing the connection between the monarchy and business succession planning.

This article illuminates so many important things about relationship building and the transfer of power in companies and firms, as well as in monarchies.  

King Charles III has had a lifetime to prepare for his new role, but that does not excuse companies or professional services firms from creating a calm and organized transfer of power in their own realms.  Over the years I've worked with many leaders and seen how the best grow their people to take over in leadership roles.

In addition to Nuala Walsh's powerful 7 Lessons, I have seen 5 success factors in the firms I've worked with.

Five key similarities:

• They build their future leaders' skills from day one, even the junior most professionals.
• They provide mentors who care about personal and professional growth.
• They share their own relationships with their clients and prospects to the other members to enable multiple touch  points to the firm and to grow and forge new connections.
• They provide valuable feedback in a disciplined way.
• They incentivize participation, not just with financial compensation, but in ways that matter to the specific person.

If leaders want their legacy to continue, after they are gone or have retired, they need to start planning long before the actual succession takes place. They need to trust and grow their people to take over when it is time.