Listen now to Scot Hunsaker teach us how to plan for tomorrow's succession today!
Scot and I had a wonderful time talking about how to turn your employees into owners. This is no small task and very important. You might not be aware of this statistic but 66% of companies will close their doors when their current leadership leaves. I find this number devastating. What will this do to our industries, communities and national economy—much less all those employees who count on their current business leaders? There's a lot to learn here.
Today’s business leaders are too busy working in the business, not on the business. In our conversation, you will learn not only why you should make this a priority but how to do it. What about your company? Are you planning for your succession before it becomes an unavoidable necessity? Are you preparing your employees now to take on responsibilites in the future?
Scot’s background: Having led eight companies during his career, Scot each time has transferred the institutional knowledge and business savvy of the firm to the employees, giving them the confidence to personally invest in the organization. In fact, in his most recent company, his employees bought the firm from him in cash.
Today, Scot is a Vistage speaker, focusing on the concept of Turning Your Employees Into Owners. His specialty is working with businesses on ownership-thinking so they can provide multiple paths to a successful legacy for the company.
As you will hear in our podcast, Scot and I both agree that it is a privilege to own a business. There is not a day that goes by when we are not thinking about the number of lives we impact. We reflect on our professional lives and wonder if our "legacy" really comes down to the people we have teamed up with to create real value for others. Take a listen and let me know if this strikes a chord with you!
In this episode, Scot Hunsaker and I discuss:
- Transferring institutional knowledge and business savvy to your team to be more successful and helping them drive change with you
- Why we need to plan for an unpredictable future
- Building relationships with a shared vision by holding authentic conversations with staff
- Allowing natural leaders to emerge through strategic planning
- Teaching leadership teams how to adapt to changes in order to keep products relevant
- Succession plans that are cultivated over a long period of time
- Developing a leadership team to ensure the future of your company
Resources mentioned in this episode:
Blog: Owners Of Family Businesses Better Have A Good Succession Plan
- Blog: Six Steps For A Successful Family Firm Succession Plan
My book: "On the Brink: A Fresh Lens to Take Your Business to New Heights"
- Our approach to helping organizations change is outlined here.