What would happen to your business if you had to retire tomorrow?
Many small businesses are dependent on the owner, so if you want to be able to retire and/or position your company to be able to sell - you’ll need strategic forethought and action built into the structure of your organization. Having a strategy for developing people who can move up when key employees leave is critical to the long term success of a business.
The trouble is, many businesses owners only start thinking about this when they are nearing the transition. Building on-going succession planning into the structure of a business will not only position the business for success when transition approaches, but it will allow the business to grow and attract top talent in the meantime. It will also allow the company to be strategic if the goal is to sell.
When a business has leaders-in-training, the dependence on the owner is minimized so that when the time comes, the business owner can confidently step back and reap the rewards of the business.
Marielle Gauthier, a professional executive and personal coach, has been studying the challenges businesses and organizations are facing in leadership transition as retiring leaders move out, and the next generation of leaders move in.
“Using what I have learned through these assessments, I have developed an approach to support organizations through the transition process so the risks and impacts are reduced and performance and productivity are increased,” said Gauthier. “This means business goals are met while profits increase and costs decrease.”
Gauthier’s clients experience an increase in confidence, better communication, better relationships and have seen a measurable ROI thanks to her coaching.
“As an executive coach, a business communication specialist, facilitator and trainer, I assess the needs of the leader and the organization,”said Gauthier. “My phased-in approach consists of an assessment process, coaching the leader through a results-based succession strategy, and implementing an action plan.”
Gauthier’s tailor-made approach can also include facilitation, training, peer support and consulting. Through alliances with other executive coaches, organizational development specialists, human resource specialists, business advisors, accountants, lawyers, and business valuators, Gauthier is able to scale any challenges that arise in the succession planning process.
“As the old adage goes: If you fail to plan, you plan to fail,” said Gauthier.
Planning for succession in a business is just as critical as all of the other planning that goes into creating and maintaining a thriving business. Owners must take responsibility for laying the bricks of succession strategy into the structure of the organization as the business is growing and being built.
To seek out support for building succession planning into your business, and to learn more about Marielle Gauthier, visit www.powerupyourretirement.com or send her an email at marielle@redworkscoaching.com.