Successful Business Succession

“The vast majority of design and engineering practices have no succession plan in place whatsoever. Management for Design routinely finds that only one in 10 businesses have a plan in place.

Planning for succession is just the first step in a chain of events that culminates in new leaders embracing a key leadership role within the business. ”

There is no one formula for succession, but the goals of any leadership change are similar — to retain the core values of the business, to retain and build on your client base and skills capability, and to keep the business operating smoothly according to its original vision. Having said that, if you aren’t clear on who your next leaders will be — who will sustain your design values and capability, who will nurture your clients and who will drive the business going forward — you are not on your own!

The vast majority of design and engineering practices have no succession plan in place whatsoever. Management for Design routinely finds that only one in 10 businesses have a plan in place. Of those that do, execution typically occurs in an ad-hoc and spasmodic manner. No amount of management advice will change this but, in our experience, those businesses that have successfully transferred the leadership to new principals and directors have spent many years building and cultivating a culture that enables succession to occur seamlessly. Leadership transition is an evolution.

In our latest Business Journal, Robert Peake outlines the key issues and strategies, and warns of problems you may encounter. Read more at: http://bit.ly/1HwVOPb.