Bill Bliss, Success In the C-Suite, discusses the myths and stopping points of succession planning. He emphasizes the importance of investing time and money in developing leaders and recommends a multi-faceted approach including mentorship, experiential leadership, and coaching. Backup succession plans are necessary, and legacy leaders should develop interests outside the organization. Leaders must subordinate their pride and ego for organizational success. It's crucial to have a clear vision for the organization's future and identify necessary leadership skills.
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Quick takeaways
Proper succession planning involves addressing misconceptions and understanding its impact on the organization's future success.
Leadership development should focus on future competencies and invest in coaching and personalized development plans.
Deep dives
The importance of succession planning
Succession planning is often overlooked by leaders, but it is crucial for the future success of organizations. Many leaders avoid it due to various misconceptions, such as believing their organizations are too small or that they can make all the decisions themselves. However, succession planning is essential to ensure a smooth transition and continuity when leaders depart. It is particularly important in family-run businesses, where choosing successors based solely on age or family ties can hinder the organization's growth. By addressing these misconceptions and understanding the impact of succession planning, leaders can better prepare for the future.
The need for investment in leadership development
Leadership development is a multidimensional process that requires investment of time and money. To develop effective future leaders, it is crucial to focus on their capabilities not just for today, but for the future needs of the organization. This involves assessing the skills and competencies necessary for future leadership roles and identifying any gaps in current leaders. By investing in coaching, external programs, or personalized development plans, organizations can ensure that leaders are equipped to tackle future challenges.
The value of backup succession plans
A successful succession plan should include backup options for key leadership positions. Relying solely on one successor can be risky, as unforeseen circumstances may prevent them from assuming the role. By having multiple backup plans, organizations can mitigate potential disruptions and maintain stability. This includes identifying and developing multiple candidates for each key position, ensuring that the organization is prepared for any unexpected changes or departures.
Letting go and subordinating pride for organizational success
A key aspect of succession planning is for current leaders to let go and prioritize the success of the organization over their own egos. Legacy leaders must recognize that the organization's future is more important than their personal achievements. They need to support the new leaders by stepping back, allowing them to build their own relationships and make decisions without interference. This requires subordinating personal pride and understanding that the organization's long-term success depends on effective leadership transitions.
Bill Bliss: Success In the C-Suite
Bill last appeared on episode #118: What's The Difference Between Management and Leadership
Myths and stopping points of succession planning
The organization is only mine (I own it)
The organization is too small
I don’t know how to create a plan
In reality, a lot of people just don’t want to make the hard decisions.
Succession planning strategies and principles:
1. Development of leaders requires an investment of time and money
Look at where the company needs to be five years from now - that’s where the discussion starts
Then determine the competencies that will need to be ready at that time
“The number one role of any leader is to identify and prepare their successor.” -Bill Bliss
2. Successful leadership development is a multi-faceted approach
Bill mentioned the Center for Creative Leadership as a resource
Mentorship is valuable for some organizations, as is experiential leadership
Coaching is also very valuable for individuals
3. Backup succession plans are a necessity, not a luxury
Don’t place all your eggs in one basket
4. Legacy leaders must learn to completely let go
Develop interests outside of the organization if you are leading and plan to leave
5. Leaders willingly subordinate their own pride and ego for the sake of the success of the organization
Step one: where is the organization going to be 3-5 years from now?
“Begin with the end in mind.” -Stephen Covey
Practical Action
What action are you taking on your 3-5 year action plan?
Respond to that question on the show page and we'll enter you into a drawing to receive a free copy of Bill's book, plus feedback and encouragement from Bill and Dave.
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