Industry Update: 7 Real-World Lessons We Learned on Succession Planning
A conversation with Louis Diamond on next gens, the art of “co-leadership” and future-proofing your firm.
The concept of “succession planning” is one that many view only as a means to an end—designed to fill a gap for an outgoing leader to ensure continuity.
While that is one outcome of such a plan, there’s much more to it.
The real intent of succession planning is to “future-proof” the business—by developing a strategic guide that builds upon the leader’s vision with a focus on sustainable scale and continual growth for the future of the firm.
In this episode, Mindy and Louis Diamond share their succession planning journey—which recently culminated with the announcement that Louis will assume the role and responsibility of President of Diamond Consultants, while Mindy retains the title of Chief Executive Officer.
They share key lessons learned in the process, including:
- The value of “co-leadership”—and how that translates to an opportunity to “divide and conquer” to increase capabilities.
- Finding the right fit in a next gen—and how differences in style, experience and knowledge often add up to a better match.
- Empowering through trial runs—and how this technique yields results that enable leaders to gauge readiness.
- The essentials of planning—and identifying the proper timing and messaging for the transition.
- Defining roles and boundaries—and how both are critical to adhere to, particularly when there are personal connections and bonds which can easily interfere.
- The value of open-mindedness—and why it’s vital that everyone remain receptive to new ideas, processes and even advice.
It’s a conversation that takes a positive and fresh look at succession planning and what it can mean for the lifeblood of a business with helpful advice for employee advisors and business owners alike.