The Right Way to Think About Succession

Marshall Goldsmith is one of my favorite business authors.  What I like about him is that he often brings up issues that no one else is talking about.  Like succession.  Here’s what Marshall had to say on his Harvard Business Review blog:

“For many leaders, it is hard to make the announcement that they will soon be passing the baton of leadership to their successor. The common fear is that if they declare their intentions too soon, they will become lame ducks. No one wants that to happen.  Almost every leader goes through this inner dialogue as part of the challenge of slowing down.  This fear, which often results in postponing the announcement about succession until the last minute, inhibits what could have been a much smoother transition.

Face it: When you are nearing the time to exit, you will become a lame duck!  That is okay.  Eyes will immediately turn to your successor as their vision for the team, department or company will mean more than yours. Colleagues who have encountered your disapproval for their pet ideas will just "wait it out" and re-sell their ideas to your successor. People will start sucking up to him or her the way they used to suck up to you. So what's the solution?

·         Make peace with being a lame duck before it happens. Your life, your successor's life, and the lives of your coworkers will be a lot better.

·         Use this time to coach your successor behind the scenes.   Transfer authority before it is necessary. Support your successor in whatever way you can. Build his or her confidence.   Involve your successor in important decisions and ensure as best you can that he or she agrees with any long-term goals before they are announced. After all, this is the person who is going to have to live with these goals for the next few years and is going to have to make them work.

·         The key to being a really great lame duck is to make tough, unpopular decisions that you know will be good for the company in the long run.  Don't get caught up on finishing on a great note or making sure that you look good. Focus on putting your successor into a spot where he or she will succeed. This type of class and self-sacrifice is rare, but this is your last chance to do the right thing for the long-term benefit of the company, your successor, and even yourself.  Don't waste it!”

Succession is a critical issue, not just for CEOs but for everyone in a position of authority. The current economic situation aside, the Boomers will exit the workforce eventually, and executive positions will need to be filled by much younger, much less experienced Gen X and Gen Y managers.  I do feel that people who follow Marshall’s advice aren't lame ducks at all.  Maybe he should change the term to "smart duck."

Comments

[Wally Bock]

Nice job of taking Marshall Goldsmith's comment and adding value for working managers. I especially like the idea of a "smart duck."

[Marshall Goldsmith]

Thank you for reviewing my article. Great job!

[Jennifer]

Very innovative idea! You made it more interesting with your views! I really hope successors start doing this.

[Alexandra Levit]

@Wally: Great to see you on here. I'm so happy that you like the blog!

@Marshall: I was just about to e-mail you the link when I saw your comment. The post was brilliant and I thank you for sharing it with us.

@Jennifer: Glad you liked my take and thanks for taking the time to tell me so!