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Succession Plan

Hi, everyone, this is Mike Staver, and this is Mondays with Mike, a weekly video series where I answer questions from people just like you. Here is this week’s question:

Dear Mike, I work for a company where there’s no succession plan. Well no succession plan that’s been shared. The head of the company is a great person, however, they’re ancient. Not only are they ancient, but I’m wondering how much pressure I should put on him to create or share a plan for the future.

The answer is it depends. If it’s not your company and you don’t own shares in the company, you really can’t put a lot of pressure on the owner to come up with a succession plan. I think instead the question you should ask the owner is “What are your plans for me in the next iteration of the business? What should I expect when you decide to turn the business over to somebody else?” Just kind of, do your own succession plan. What is your plan when it gets turned over? What is your plan if your current owner gives it to somebody else?

And if the answer is ‘it depends’, then have that conversation with the owner. Don’t project your own needs or your own insecurities on the owner. Because there are probably reasons they’re doing what they do. So think about your succession plan and have a conversation with your owner about that.

I’m Mike Staver, this was Mondays with Mike, hope that was helpful. Until next week, take care.

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