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"A lot of people are great at leading their companies, but not all are great at setting them up for the next leader," according to Brent Grover of Evergreen Consulting in the latest MDM Executive Briefing webcast, available now at www.mdm.com/executivebriefing. "That's what this idea of succession planning is about."
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Grover discussed two types of succession planning in the program: management succession and ownership succession.
Management succession in particular applies to any time of company – private or public, family-owned or not. "The family has the challenge … to bring along (management) successors who have the right combination of talent, chemistry and experience."
"Talent to me is a God-given quality," Grover says. "And chemistry is also pretty much innate. The one thing we have control over is experience."
That experience, he says, can be gained on the job. And it's the type of experience that matters, Grover says, not necessarily whether or not that experience is gained at a different company.
He recommends future management gain experience in positions that allow them to measure their success. For example, sales positions and branch management are two areas where a future manager can build a record of success. It's more difficult to measure that in areas such as purchasing, IT, human resources or finance. "That's all great training, but it doesn't generate a track record of success that the individual needs to feel confident and competent, and for the rest of the company … to see a track record of success."
Listen to Grover's presentation to hear more about management succession and options companies have for ownership succession. Watch all three parts of his 20-minute presentation here.
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