Finding a Successor
My dentist is a great guy—personable, funny, and puts everyone at ease. So while most people dread visiting their dentist, I’ve come to enjoy it an awful lot because he’s a dear friend.
After reviewing my x-rays during a recent visit, we chatted for a while, and the conversation eventually turned to our businesses.
“Have you thought about what you’re going to do with this place once you retire?” I asked him.
A look of confusion came over his face, as if he’d never considered the question at all.
Thus began a pretty lengthy dialogue about his options: selling, finding a successor, joining forces with another practice, or simply letting it wither away once he decides to hang it up. At the conclusion of our talk, he thanked me profusely for bringing his attention to the matter and declared he had some thinking to do. I told him I was happy to do so and wished him well until our next appointment.
This interaction got me thinking that many leaders don’t make the time to think about who will replace them. Whether you own a business or have a senior position at a firm that isn’t yours, you should always be thinking about who is next in line so you can move on to your next adventure. For some of you, that means a promotion. For others, that means a well-deserved retirement. If you founded the firm, maybe selling it to your team will enable you to act upon your next great entrepreneurial idea.
Wherever life takes you next, it’s critical to leave things better than you found them, especially a workplace where lots of people depend on the quality of the business for their livelihoods. And the only way to responsibly leave a role is to ensure you have a capable successor waiting in the wings.
How can you find this person?
1. Start looking early: if you wait too long to start looking, you’ll often feel rushed, which can lead to you making a critical hiring mistake. If you are an executive, the time to start looking is now.
2. Look inside your company for talented people: you’ll obviously want to start with your direct reports, but don’t be shy about looking across departments as well.
3. Networking is critical: your network is your net worth, as they say. Always scan the market for talent, and don’t discount folks from non-traditional backgrounds.
4. Consider going external: sometimes, you won’t find an ideal candidate waiting in the wings at your organization. In those situations, you might have to post a job. If the role is critical, you should strongly consider a professional search firm to partner with you.
The process is challenging and often makes the leader feel uncomfortable, but finding a talented successor who can perpetuate your business’ success (and hopefully keep improving it!) will be one of the most rewarding things you do in your career.