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O P I N I O N
Do you have a successor? Passing on years of experience to those who will rise behind us is the epitome of leadership.
O ne of the most important things leaders can do is create more leaders. Yet, too few leaders take the time necessary to groom the future of their company.
Ask yourself a simple question: “Is our next CEO currently employed by our company?” When I ask senior firm leaders that question, the typical response I receive is a pause or an “I don’t know.” Few senior leaders I’ve spoken with can readily provide a name. Maybe the senior leader had not given the idea of transition much thought. After all, if you have no ambition to retire or move on within the next five years, why would you begin to consider who would take over for you in your absence? If the answer to the question is a pause, or worse, a “no,” those in leadership positions have two basic options. They can identify and grow internal successors or they can hire an external successor already equipped with the desired experience.
Ideally, a senior leader would be able to provide the names of several professionals who are prepared to move into leadership roles. I would much rather have a CEO tell me they don’t have an identified successor, than to have the CEO pause and think about the answer. An immediate “no” answer is a healthy response. It shows the CEO has given some thought to the future of the firm. One CEO laughed when I asked him the question and then replied that it was something he really needed to do. He has plans for retiring and knows he needs a successor, but didn’t have one. He was astute enough to know his eventual successor was not a current employee of his firm.
Bill Murphey CONTINUING ED
See BILL MURPHEY, page 4
THE ZWEIG LETTER December 18, 2017, ISSUE 1228
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