Nobody likes to think about it, but if you’re building a valuable legacy business it’s important to plan for passing the baton to a new leader. In my Growth, Leadership and Management tip today I’m talking about succession planning, what it looks like and when to do it.
It’s always important to bring the best talent possible into your business, knowing from the start that one day they may have top positions in your business. Career progression planning has to be part of your vision, and nurturing your future leadership is necessary from the start. Be thinking 5 years ahead, 10 years ahead, and plan for new people coming in along the way.
Some of your people will be with you awhile and then move on to other agencies, or even start their own office. The people in your business who might one day want to take it over need to be able to plan for that and build the assets to be able to do it. If you want that to happen you need to build a business with an income stream, and you have to make an investment in your people.
Reward is part of the succession plan, but it must be earned. When you pass your business to a new agent that person needs to have earned that ownership. And the business they step into needs a solid property management division and a balanced sales division to ensure that steady stream of income. You have to build value intentionally, and that includes the quality of your team.
Succession planning involves a lot of tough questions about when to bring in new people, how their career progression should proceed, what skills they need to contribute, and how to nurture your upcoming leaders. The Josh Phegan Company is here to help you with all those important choices.
I hope you’ve enjoyed this Growth, Leadership and Management tip, and I look forward to seeing you here again next month.