As an entrepreneur, you have about 10 years from the inception of your company to create the next generation of managers. You must actively do this as a strategic imperative. It’s not a “nice-to-have”; it’s a “must-have”.
I know succession planning can be unsexy and tedious but if you fail to actively groom managers, here’s what will happen in 15 years:
1. You won’t be able to travel or enjoy your wealth without worrying about whether your company will burn down in your absence.
2. You will correct typographical errors for every document and proposal before it is sent out.
3. You will attend client meetings with people younger than you who subtly let you know you’re not supposed to be there.
4. Your business expansion will be limited because you don’t have enough competent people to drive new product lines. Hiring experienced talent from outside will cost you an arm and a leg.
5. When you’re not around, key decisions can’t be taken and so clients won’t want to do business with your junior staff.
6. Your company will atrophy from lack of new ideas.
7. Your organisation may not live after you die.