In this episode, we tackle the often-neglected topic of succession planning, and our expert guest, Joel Koblentz, Founding Partner at The Koblentz Group, sheds light on this crucial subject. With a remarkable track record in board assignments, board development, and executive recruitment, Joel and his team excel at aligning human capital with business value creation. Throughout the episode, we delve into the challenging aspects of succession planning, exploring the optimal timing to initiate the process and the strategies to attract the right individual to take over a leadership role.
Listen in as we discuss the importance of creating a solid game plan for the new leader or CEO, ensuring they have a clear understanding of the expectations and responsibilities that come with the position. Joel emphasizes the significance of proactively preparing the business for the changes it will inevitably undergo during a leadership transition and the importance of not solely relying on longevity within the company when selecting successors.
What You’ll Learn:
- When you should start thinking about succession planning.
- How to begin succession planning.
- How to attract a quality successor to you.
- What should be expected when someone is coming in to be your successor.
- How to prepare your business for all the changes it will go through.
- Why it is tougher in family-run businesses.
- Advice to a new CEO stepping into a company.
Ideas Worth Sharing:
- “Take a good look at yourself in the mirror and know what you’re truly capable of and where your interests really lay. Know that you’re not a leader for all seasons and all situations.” – Joel Koblentz
- “If you get the right leaders in your business, you can see who can take over for you. It will be much more natural.” – Joel Koblentz
- “Succession planning is an ongoing process. This doesn’t mean that the people who have been with you the longest should be your successors because businesses change.” – Joel Koblentz