Lessons Learned #34: Is It Time To Start Letting Go?

Those of you who have been following my advice here over the past 3 years know that I like to ask engaging questions, designed to make you think. Over the course of my work, I’ve had exposure to many different businesses. Being naturally curious and analytical, I have taken mental notes of the variety of management structures, styles, personalities and effectiveness of those who are at the top of their organizations. If you’re in charge of your business, I’d like to ask you the following questions:

  • Are you still at the top of your game?
  • How much longer can you manage your company?
  • What would happen to your company if you were suddenly incapable of doing your job?
  • Is there someone on your staff that could do a better job?
  • Are you training your replacement?

Most leaders behave as if they will always be around to do what they love (some even act as if they’re indestructible). Despite knowing that we are aging and feeling the difference in our ability to deal with the stress that comes from the accumulated years of working under a heavy load, most of us plow ahead each day, failing to plan for the inevitable.

No, I’m not taking about “THE INVEVITABLE”, as in your demise, simply the fact that the job of a leader requires a great deal of vigor and endurance to continue year after year. The work can be exhausting, physically and mentally.

It’s really much more than that though. As the years come and go, your business may have grown beyond what was once comfortable, or within your managerial scope or expertise. There are many other factors that may have undergone significant changes as well, such as:

  • the degree of competition in your business environment
  • advancements in technology and their implications to how work is done, tracked and managed
  • worker attitudes and values

Over time, the evolution of business and its environment demand comparable changes in your organization, requiring adaptation in order to continue to be successful. It’s likely that several, if not all of these factors, have conspired to cause major changes for you in your business. You probably don’t need to go back very far to see how different the challenges are to manage your company today. I should also add that if you’ve been building and running your business for some time, you might be feeling the effect of many years of stress.

If you’re honest with yourself, you will recognize that there are many aspects of your job that could be done better, more efficiently, and even with less effort by someone else who is more in tune with the current trends, technologies and “people know-how” than you! Even if you’re still the most qualified to lead your company, you may find that you’ve become complacent in your skills, lost some of your drive, or simply lack the energy to plug in every day as needed to keep performing at the level that you know is needed to keep your company on top.

Whatever your specific situation, if my questions have hit a nerve, perhaps you should start working on a management transition plan for the future of your company. A starting point could involve one or more of the following steps:

  1. Identify key employees in your organization that could be groomed to take on more of the management responsibilities, make more decisions and take some of the load from you.
  2. If there are no internal candidates to fill your shoes, you should actively begin the search for someone new, looking within your industry first.
  3. Set a realistic time frame for your transition. It doesn’t have to be a complete transition if you can serve in a more limited role as “Chairman of the Board”.
  4. Your plan should include the necessary training programs for those key employees that will be promoted to take over the various aspects of your managerial functions.
  5. If your company doesn’t already have one, an employee equity plan may be necessary to motivate them to engage with the level of commitment and effort that is required to make the transition a success.

“When a mature and able manager feels bored, he should seriously consider changing jobs, changing companies—or simply retiring. It is not fair to anyone for half a leader to hold a full-time leadership job.” – James L. Hayes

Good news for those of you who have yet to purchase a copy of my book “Document to Reduce Risk”. The e-book version is now available at Amazon and Barnes & Noble (only $24.99). This format gives you immediate access to valuable advice and many sample documents you can use to write about typical issues on your projects (available for download through links from the e-book directly to your smart phone, tablet, or computer). With a copy of this resource, you will carry with you the tools you need to stay ahead of the game with good documentation to reduce your risk!

Thank you for your continued interest in my publications. Your comments are always encouraged – Paco Farach

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