Executive Leadership
Preparing a Business for a Leadership Transition
Practical steps owners and boards can take before a leadership change so the business, its people and its customers stay steady.
Write down what lives in one person's head
Key customer relationships, pricing logic, supplier arrangements, banking contacts and recurring decisions are often held by one leader. Documenting them is the single most useful preparation for any transition.
Clarify decision rights
List the decisions the current leader makes alone, and decide who will make each one during and after the change. Unclear authority is the most common cause of stalled work during a transition.
Communicate early and plainly
Employees, customers and lenders handle change better when they hear it directly, with a clear explanation of who is responsible and what stays the same.
This article is general information, not legal, tax or financial advice.
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