For the next 19 years, 10,000 American baby boomers will turn 65 every day. Many of them are family business leaders who are thinking about transitioning leadership to the next generation.
While it is great to start considering the transition to the next generation – sometimes we find ‘action-oriented’ entrepreneurs jump to make changes before they have fully thought through the big picture. We are not advocating delay – just planning and communication.
Too often forward-looking leaders jump into action by developing next generation leaders, creating new reporting structures, revisiting estate plans, and establishing new governance structures. All of which are important. However, sometimes leaders find themselves in active pursuit of a destination that is not only unclear to them, but is interpreted differently by multiple stakeholders in the process.
So before you put the car in drive, be sure to communicate with your passengers and gain alignment on some important questions: What is our ultimate destination? Which roads will get us there while meeting our objectives along the way? If we need to take a detour, what are the best alternatives? What is our arrival date? How will we know we’re there?
A desired outcome, or vision for what future leadership looks like helps ensure alignment and creates the collective energy you need for a very important journey.