“Even though your time on the job is temporary, if you do a good enough job, your work there will last forever.” ― Idowu Koyenikan, Wealth for All: Living a Life of Success at the Edge of Your Ability

Building a legacy won’t happen by itself. It requires your creative input and a grounded strategy.

In a previous blog, Life goal #3: Building a Legacy, we started the discussion about the definition of a legacy, reasons for creating one, and how that vision differs for everybody. We then mapped out the three critical elements of succession planning, which includes your team, the structures and processes needed, and the cost component.

Let’s continue the discussion about succession planning to ensure your legacy continues to thrive whether you’re on an extended absence, for when you move on to other aspirations, retire, or pass it on to loved ones after you are gone.

Why Think About Succession Planning?

“Succession planning is a process and strategy for replacement planning or passing on leadership roles. It is used to identify and develop new, potential leaders who can move into leadership roles when they become vacant.” – Wikipedia

Consider the following questions, and you’ll know why a legacy cannot be established without it:

• What will happen when you leave the business? Will it fall apart without you, and everything you built will no longer exist?
• What will happen if any of your key team members leave without you having someone else, already trained, to step into their place?

Succession planning is not only about putting structures in place for when you leave, but also for when any of your key employees leave. Why would you, or team members plan to leave?

• Perhaps you or one of your team wants to retire in ‘x’ years.
• You may be the CEO who takes over a business to turn it around, but then want to leave for your next career challenge.
• Or you may be an entrepreneur with a great idea that you want to develop, but you don’t want to run the company afterwards. You may choose to either sell the business or get a CEO to run it for you.

Whatever the reason or circumstance, you need the right people and the right structures in place for a successful transition.

When Should You Start Thinking About Succession Planning?

Yesterday. No pressure.

You cannot wait one year before you retire or move on to haphazardly throw it together. Why? Your first succession plan may not pan out the way you thought, and you may need to start from scratch again.

If you aspire to build a legacy, then yes, you should start thinking about it from day one. We know, it may feel like putting the cart before the horse, but planning for it goes hand-in-hand with your business practices now. It’s about building the right culture in the business that will live on.

“Make a difference, change the game for the better, leave a legacy, be a guide that someone else can follow and make better, and then someone else will follow that and make that better.” ― Carlos Wallace, The Other 99 T.Y.M.E.S: Train Your Mind to Enjoy Serenity

How to Start the Process

Putting a succession plan in place might feel overwhelming, but it doesn’t have to be. Our experience proves that a formula for success takes you through four stages.

Stage 1 – Take stock of where you are now:

• How is your business performing? What are the numbers?
• Who are the key people? What talent gaps do you have?
• Evaluate the processes and procedures for their effectiveness or redundancy.

Stage 2 – Create your masterplan for the future:

• Where do you want to be in two, five or ten years?
• What is your vision for the business at that time, and its potential opportunities?
• Do you currently have the team you’ll need to make your vision a reality?
• How much money do you need to implement the succession plan? If you don’t have the money, how will you solve that? Our blog, Life goal #3: Building a Legacy, gives more detail on the financial costs to consider.

Stage 3 – Implement your plan:

• Put the structures in place and document procedures. Train people to follow the processes.
• Invest in retaining your best employees and prepare them for their future roles.
• Develop and train your team within the key positions.

Stage 4 – Review & tweak:

• Test and adjust procedures and processes as needed.
• Do a trial run to determine whether your team can carry on without you by going away for two weeks. Then extend another absence to a month, with no contact.
• Send other managers on holiday and let people step into that position to see how they fare.

Ready to Get Started?

The team at BWMD would love to hear your ideas for what a legacy looks like for you. Our experience can help you put the processes, structures and team in place to make it happen. Contact us today to get started!