7/02/2018

8 Steps To Take Toward A Succession Plan

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zubay

The beach was great, but unfortunately the vacation is over.  

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Happy 4th of July!  

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Gregory P. Smith
President and Lead Navigator
Chart Your Course International Inc.
770-860-9464

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8 Steps To Take Toward A Succession Plan
Close knit organizations or multi-generational family businesses tend to have some similar problems along with benefits. One of the issues that rises to the top, yet is often ignored, is a succession plan.
When businesses have a family like management team, then rivalries and personal agendas can often come into play. Also, the situations can be strained because no one wants to hurt feelings or offend.
Open communication must happen in order to have a good succession plan. There are legal and tax issues to be considered. If you put a plan in place, then succession can go smoothly.
Think ahead and follow these 8 steps if you have a family-owned business:
1. Set Clear Goals
Don't miss out on the opportunity to sit as a team and set clear, specific long (and short) term goals.When it comes to the future, you should leave no stone unturned. Iron out the details and get the goals and vision in writing.
2. Come Up with Managerial Competencies
Establish agreed upon managerial competencies that showcase what's important to your operation.
3. Evaluate the Team
Create a system to evaluate your managerial team. Consider the skills of each team member and figure out which managerial competencies are their strengths.
4. Review the Assessment
Be sure to review the findings of the assessment to learn more about each person's strengths. Then work to tailor an individual development plan for each team member's career.
5. Legal and Tax Advice
When it comes to family business, there are transfers of ownership and tax implications that must be considered. Seek out counsel and get proper legal advice.
6. Performance Management
Teach your managers how to hold their team accountable for their performance. They should be trained to seek specific outcomes which will help when it comes to a succession plan.
7. Talk with Successors
Talk with your top team members about their career goals and the path they are on. Find ways to provide more training and help them develop even further.
8. Hold on Tight
Do whatever it takes to hold onto your best people. Offer incentives and a great benefits package in order to keep your top talent.
When it comes to proper succession, timing is extremely important. Be wise when it comes to starting a transition. Move your managers up at a slow pace and give them the proper training that they need. With a close-knit group of people, be sure to communicate the promotion and ensure that everyone is clear on the role change.
In order to have a sustainable company, you need to have a strategic plan and a thorough execution of the set goals. v
~ Written for us by our associate Gary Sorrell, Sorrell Associates, LLC. Copyright protected. All rights reserved
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Thanks for Reading!
The Navigator Newsletter is the free newsletter from Greg Smith the Lead Navigator, author, speaker and organizational development consultant, along with his team of experts at Chartcourse.com.  If you like it, please forward a copy to a friend. 
 
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Copyright © 2018. All Rights Reserved.
Chart Your Course International, 129 Bennett Mountain Trace, Chapel Hill, NC 27516
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6/08/2018

Leaders Can Be Wrong And Still Be Right

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zubay

Sorry, I could not help myself.  For all the business articles I read each day, this was the most interesting article I read today.

I never talked about cats in the Navigator before.  I like cats and could not resist highlighting this story.  I had a Siamese cat once that lived to 15 years, but 30 wow!

Rubble is the oldest cat on record, a whopping 30 year old cat.  Maybe next month I will talk about dogs. :)
 long_haired_orange_cat.jpg

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Gregory P. Smith
President and Lead Navigator
Chart Your Course International Inc.
770-860-9464

Leaders Can Be Wrong And Still Be Right
People spend much of their time trying to be right and working to avoid being wrong at all costs. While this may be ok in some instances, leadership is not one of them. As early as our childhood, we learn that getting in trouble or doing things wrong is not acceptable. In business and leadership, we should switch our thought process and even embrace and grow from being wrong and accepting the blame when it applies to our situation.
If your team sees you as someone who is constantly right, then you may appear to be a know-it-all. Most likely, this is not pleasant for those around you and doesn't help you with your leadership role either. Accepting the fact that you are just plain wrong at times will help you improve and allow others around you to see you as both more human and approachable. Try the following:
1. Embrace Mistakes
If you never make a mistake, then you are not taking enough risks. How will you grow as a leader if you never mess up? You can be wrong and still do well overall. If you want to grow personally, then you must be willing to fail and do it gracefully.
When you make a mistake and let your team see you handle it well, you build trust and buy-in amongst your staff. It is much harder to be transparent and people will respect that effort as you own up to a mistake or flaw of some kind. Embracing mistakes will enable you to be seen as real, approachable, and respected.
2. Focus on improvement
Your goal should be to constantly improve. If you can't accept that you have areas where you need to grow, then improvement will be tough. As a leader, your team will follow suit as you seek to change, develop, and try new things. Working as an entire group, you can accomplish much more than on your own.
3. Cultivate strong team members
Work to grow your team's strength. These individuals will, in turn, help you as a leader to become stronger with the goal to constantly improve. Be sure that everyone knows to avoid the blame game and set everyone up to grow and learn from each other instead. Accept being wrong and your team will too. Everyone acknowledging a flaw, mistake, or issue will enable people to feel "human" and it will foster growth rather than squelch it.
Leaders can be wrong and still be right. Seriously? Yes, by accepting that you are wrong from time to time, you will actually be doing things just right. Your team will appreciate your transparency and you will be on the path of continued growth. v
~ Written for us by our associate Gary Sorrell, Sorrell Associates, LLC. Copyright protected. All rights reserved
Leadership Advice From Chevron CEO,
John Watson
Leadership advice is passed around, but it is often not well thought out or useful. It seems that there are so many resources but they don't seem to focus on servanthood in the leadership role. John Watson, the CEO of Chevron, recently shared some excellent tips when it comes to leadership.
Watson shared that there are three things that will make the best leaders that lead in service. He said that you should learn how to read others, listen to people, and build relationships. While this seems simple, it will take some work to pull off.
Learning to Read Others
If you want to read others, you need to be self-aware first. Be familiar with yourself and learn how to evaluate others by asking questions. You must pay close attention to how you act and how others perceive you and act themselves. Consider the following questions as you seek to learn how to read people:
  • How can I maximize my employee's skills and strengths?
  • What makes my employees behave the way they do?
  • What makes my team get going each day and motivated to do what they do?
It is quite possible that self-awareness will enable you to see the potential as a leader in someone else. Work to understand your team in order to find top candidates for future leadership roles.
Learn to Listen to People
Likely, you won't be able to learn how to read people if you can't listen. Try to listen to others and develop the skills that are required to be a good listener.
Listening skills can be developed, but one way to really improve the skill is to think through how you can help the other person while you listen. Those that listen well can find the depth and meaning behind the conversation and how the other person truly feels about the situation and topic at hand.
Build Relationships
If you want to build a relationship, you need to spend time with the other person and truly get to know them. Let them feel how much you value them. Get to know the people that work for you. It's ok to know more about their personal life, professional life, and really understand what makes them tick.
Working to know someone means that you are trying to build a relationship. It is a two way street but you can begin the process. A strong leader realizes that getting to know someone on a personal and professional level will produce much profit for a relationship.
As a leader, make it your business to read those around you, listen well, and build relationships. Be self-aware and critique the important part you play in this process of leading others. Their success and yours can often lie within your leadership. v
~ Written for us by our associate Gary Sorrell, Sorrell Associates, LLC. Copyright protected. All rights reserved
 
Online DISC Certification Training Webinar 
Choose the best time for you to attend:
June 4, 6, 11, 25 | July 9, 18, 23, 30 | August 6, 8, 20, 22 | October 1, 8, 15, 22
 More information 
Talent Management Assessments & Training
Talent Management Assessments & Training

Emotional Intelligence (EQ) Training & Certification 
More Information
 
Contact us about non-profit, education and military/government discounts. 
Call or email us for more information.
 770-860-9464

Thanks for Reading!
The Navigator Newsletter is the free newsletter from Greg Smith the Lead Navigator, author, speaker and organizational development consultant, along with his team of experts at Chartcourse.com.  If you like it, please forward a copy to a friend. 
 
Like us on Facebook  Follow us on Twitter  View our profile on LinkedIn  Visit our blog  Find us on Google+  View our videos on YouTube
Copyright © 2018. All Rights Reserved.
Chart Your Course International, 129 Bennett Mountain Trace, Chapel Hill, NC 27516
Sent by greg@chartcourse.com in collaboration with
Constant Contact