Every business has its star players. The first tier brings business, culture, and organization to the company. The second tier manages day the day tasks and the third tier is really in the trenches, bringing their A game to the front.
If any one of these people quit, they can leave a huge hole to be filled. When people of significant value leave, it can be quite draining on the company.
Succession planning helps your business breathe easier. It can mean the difference between your business slowing down and worsening or continuing to focus on growth and success.
Succession planning is THE biggest undertaking a design firm owner will go through during the life of their firm. It takes thoughtful planning and years to nurture and execute. Many firm owners may find it all too daunting and never get started.
What is Succession Planning?
Succession planning is the planning the firm ownership and leadership make to transition out of the firm and transfer ownership to another entity, a person, or a body. It is basically a plan towards your retirement.
Succession planning of your firm is one of the most complex things that you would do as an owner. It involves many different nuts and bolts, fears, risks, and challenges.
Before you work on succession planning, sort out your generational planning structure.
Depending on the size of your firm, a typical company is usually made up of three generations:=
1st generation: You and other entrepreneurial thought leaders.
2nd generation: The managers and the lieutenants that are supporting you in critical ways as you grow in the firm. These people are organizational, and process driven. They manage the day-to-day work and oversee the architects and designers.
3rd generation: These are the doers, the ones getting their hands dirty. For example, putting together construction documents, inspecting, and analyzing blueprints, etc.
These three generations are the people that you need to start thinking about. These are your succession plan. Today, you have the ability to get to know them as the next owners, so take advantage of this time.
Remember that the best succession plans are the ones that grow from within. Grooming the 2nd and 3rd generation will help you immensely when you transfer the ownership.
Now is the time to think about who does what, and what skills they need, and then start training them.
In a matter of time, your team will be ready to go through a successful succession.
Succession planning helps your business transfer ownership to other entities. Are you looking for stars that leave a lasting impact on your business? DBI can help you find talent that meet both the requirement and the culture of your firm.
Are you a professional looking for a new opportunity?