Often small business leaders find it difficult to imagine anyone else running their company. That’s not because it’s some sort of rocket science (although, if your business is in rocket science, kudos) – it’s just a natural human tendency to imagine ourselves as indispensable.
That’s why, for many small business owners, their succession or exit plan consists of selling the business on to a younger version of themselves or bringing in a carbon copy CEO.
In fact, it’s very hard to successfully recruit and retain top-level leaders in small companies. Often, there simply isn’t the skill or expertise to find, recruit and nurture the right person. In addition, the salary budget is unlikely to stretch to a level that will entice anyone with a lot of formal training and expertise. Instead, the recruitment process becomes a personal quest for the holy grail of a younger version of the current business owner.
To read the rest of this blog, which is based on an extract of Andrew Gray’s book Do More of What You Love: The New Approach to Business Succession Planning – go to here