Website and landing page analysis
Browse > Home / Business Coaching Home / Value of a Succession Plan

Value of a Succession Plan


If you're new here, you may want to subscribe to my RSS feed. Yes, this is the new home of Business Performance Coaching of sbishere.com Thanks for visiting!

Imagine.

You have been running your business for 10 years and finally feel like you are beginning to be rewarded for the sacrifice, risk, and hard work - when the 9/11 World Trade Center Terrorist attacks hit your business hard.

Revenue Slump

Like so many others in the U.S. you took a big financial hit on the chin. For the first time ever, you showed a loss at year end. The financial realities that resulted from the economic interruption of the terrorist attacks meant you had to downsize and take on additional responsibilities. Somehow you find a way to adapt, and prosper. Yet you find yourself looking at other opportunities and business ideas - because you lost the passion you once had for the business and it’s not fun anymore.

No Fun, No Life

You are working long hours, adapted by adding new profit centers, and have become stuck ‘in’ the business. Right now the business could not survive if you were unavailable. You find yourself burnt out, frustrated, and ready to sell the business.

Is It Time to Sell the Business and Move On?

After downsizing and turning the business around you decide to gives yourself a real raise and instead or replacing a key staff member. The pay raise provides a much improved lifestyle, yet you cannot shake the feeling that it is time to move on and do something else.

Seems like you are always weary and it is something you cannot seem to shake - you feel angry, bitter, and sick of the daily grind. You have not had a real holiday for longer than you care to remember. You decide that if things are going to change, it has to begin with you - you invest in a business coach.

18 Months Later: Remote Control CEO On the Horizon

As a result of working with a business coach for the last 18 months this CEO can actually see light at the end of the tunnel. You have plans to grow successor to run the company while you operate it by Remote Control, maintaining your income, and taking a long, well deserved vacation.

Three CirclesSo, how did this come about and what was it that made the difference? We built a better business model and made specific changes consistent with the owners vision in a consistent, progressive, and actionable steps.

Consistent, Progressive, Action Plan

Our weekly business coaching sessions focused on a combination of coaching, training, and development - plus a weekly action plan. Every week this client took specific action(s), major growth points included:

  • Human Resources (HR): resolved a significant HR issue that was holding the business and the business owner back.
  • Hired Half-Time Administrator: to free up the CEO’s time spent on administration, record keeping and accounting a replacement was hired.
  • Re-Invented Recruiting & Hiring Practices: created and implemented a complete recruiting, interviewing, hiring, and training system.
  • Began Documentation and Systems Development: using a simple Wiki based system the owner began to document procedures for the major areas of each job.
  • Hired Key Staff Member: hired a key staff member to replace the key production position the owner inherited following the downsizing.
  • Hired Second Key Staff Member: as the CEO had time to focus on sales, management, and business development revenues and profits increased which allowed the hiring of a second key person. The increased production capacity allowed further refinement of the companies offerings and R&D of new products and services.
  • Developed Performance Standards & Review System: continuing the development of HR systems a series of company wide performance and behavior standards was implemented. This included a formal and regular employee performance review, training, and development system.

Next Steps to Finalize Exit Strategy

The major milestones that will be needed to be achieved in order for the client to realize the freedom of being a Remote Control CEO include:

  • Hiring a Business Development specialist to work on sales full-time.
  • Development of sales systems and marketing plan.
  • Continuing systems and procedures development.
  • Recruiting and grooming a President that will take over daily operations,.
  • Development of a tracking system that will allow the CEO to monitor business performance from a distance.

Succession Planning: On Becoming a Remote Control CEO

Becoming a Remote Control CEO takes time, effort, and energy but keeping your business and operating it as a Remote Control CEO is like an annuity that never stops giving.

You learn how you can keep your business, your income, and the freedom to create any lifestyle you want, visit The Remote Control CEO Sustained Coaching Program page.

P.S. This is based on an actual client I am coaching. Name has been withheld to protect privacy.