Don’t be dumb about your intelligence
Most of the commentary I've seen about succession planning focuses on a business's future: With no succession plan in place, the future of a business is cloudy at best.
That's certainly a valid point, but L. Gary Boomer takes it a step further. In an article titled "Intelligent Succession," Boomer argues that a succession plan -- or the absence of one -- can have a direct impact on a business's value.
"If your firm’s intelligence is located only within a partner group closing in on retirement, training and succession issues must be addressed," says Boomer, CEO of Boomer Consulting. "Your actions now will ultimately determine the firm’s ability to retain and attract people, as well as the value of deferred compensation and ownership buyouts."
Boomer argues that an organization's intelligence should be spread throughout the staff. That's one of the only ways you can determine who your future leaders are. Further, he says, "If the firm’s intelligence is locked within the partner group, it is very difficult to grow beyond current profit levels, and the value of the firm may decrease as partners approach retirement."
The key, says Boomer, is to develop a "training / learning culture" at your organization. In another recent article, Boomer Consulting's Sandra Wiley offers a "roadmap" for creating an environment in which everyone on staff enjoys the fruits of training and learning.
This earlier post offers a number of succession planning resources that might prove helpful. In the meantime, tell us: Do you have a succession plan in place? If not, what's standing in your way?