Succession Reflections

November 13, 2023•2 min read

If you’re a fan of the HBO show Succession, you’ll see leadership hubris, lack of role clarity, backstabbing, and ultra-fast-double-talking. Hopefully, your small company doesn’t have these dramatic attributes, but the 1 thing you might have in common is…no succession plan!

You don’t have to be leading a multi-billion dollar company to care about succession.

After all, 100% of business owners will leave their business someday.

Whether a business thrives after an owner leaves depends on your succession plan to ensure a smooth transition.

On my podcast Succession Stories, I love talking with entrepreneurs and business owners about transition topics.

Why?

Because a well-planned and executed succession can improve your business value.

If you’re going to continue to run your business for the next 10 years, having the bench of people around you is important.

Having the people and processes to support you as a business owner, is not only going to make your company more valuable, but it will make your work-life balance better.

And best of all, it will create more enterprise value because your company will be more transferable being able to thrive without you.

That’s a win.

That’s why I invited author Beth Armknecht Miller back to the show to discuss her book Replaceable: An Obsession with Succession.

If you want to ensure a successful leadership transition in your company, give the episode a listen — on YouTube, my blog, or wherever you enjoy podcasts.

Listen in to learn more about:

Building a plan for life beyond your business
What separates successful transitions from those that fail
Why a succession plan should be an ongoing process
Analyzing the gaps between your key people and key positions and developing your team in time
How to communicate your succession plan with your team
Mapping out a competency ladder for your company for effective leadership
Tools and resources to help you gauge your readiness to transition both at a personal and business level

Let us know what part of the conversation most resonated with you, we’d love your thoughts. Reach out with any questions to [email protected].

Laurie Barkman

Laurie Barkman, The Business Transition Sherpa, emphasizes the importance of planning for the exit of a business, citing that only 20% of companies in the lower middle market have an intention to sell. She highlights the need for an ownership succession plan, estimating the value of the business, addressing risk tripwires, and embracing a sell-ready mindset.

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