Whether you inherited, purchased or started your company, you may derive personal pride and a sense of satisfaction from the company’s success. You likely also feel a sense of responsibility to the employees who have committed their professional futures to your business.
If you want your business to continue even after you retire both to support those loyal workers and to continue your professional legacy, how can you choose the right successor for the role?
Consider skills, potential and personality
Too often, people become so focused on the idea of keeping the company in the family that they don’t see the disadvantages to that approach. However much you may love someone, you also need to consider their ability to handle stress and make hard decisions.
Someone who might excel in almost all areas of business management may struggle if they have to let one or two people go to save the company. The right successor candidate will have relevant work experience and education. They will have a personal commitment to the company so that you can trust that they will act in the best interests of the business and the employees.
You may want to suggest specific candidates when drafting a succession plan for your company. Listing people that you believe meet the criteria to run the organization could help ease the transition after you step down or leave for medical reasons. Another approach is to consider employer history, education or training that would make someone better qualified.
Thinking about what will happen to your company in the future can help you create a succession plan that protects your legacy and the employees who have committed their careers to your business.