Sometimes, when we visit a company, the business owner tells us they would like to take a back seat in the day to day business, sell the business or retire.
The trouble is, for many companies, the business owner is seen as the business. And without that person, the business couldn’t function.
Is this resonating with you?
Then you need to plan your exit. Of course, that’s all very well, but just how do you go about doing that?
Good recruitment – don’t shy away from recruiting people who are better than you – who have skills and strengths you don’t have.
Strong succession planning – be on the constant look out for your leaders of tomorrow, and be training and developing these people.
Delegate – whilst you are still very active in the business, take the opportunity to delegate some of your work to others. You can support and mentor them to take on additional responsibility, and be there to help.
Customers – introduce your customers to other members of your team, and encourage them to speak to others when they are looking for help or information. This may well feel uncomfortable to start with, after all you like having a relationship with your customers, and they expect to talk to you, but this is pivotal to making the business about what it offers and does, rather than just you.
Take time out – initially this might be a day or two a month, but ideally moving to a day a week when you are not in the office. There is going to be a huge temptation to look at email, answer the phone and get involved, but really try to resist this. You need to prove to your team (and to yourself) that they can function perfectly well without you.
By gradually increasing each of these activities you will see that over time the business becomes less and less reliant on you. I can’t pretend it’s easy, and there will be times when you are right back in the thick of it, but keep going, if you are serious about stepping back.
If you would like help with planning your exit strategy, please contact us on 01256 328 428.