For many entrepreneurs, we are getting to the stage of life where we are looking to spend less time on our business and more time in other parts of our lives. To do this, we must make sure we have individuals who are able to step in and manage the different parts of the business for which we are responsible. Last week, we spoke about becoming better at delegation. This week, we have another quick quiz to see if you’re ready to begin relinquishing control of your business to others.
I’ve found with the work I do with entrepreneurs they feel no one can run the business as well as they do. I’m not always certain that’s true, but let’s assume they are right. The bigger challenge for entrepreneurs is getting other team members to think like they own the business. I have a quick quiz to help you determine if your business and its culture supports others managing the business. Next week, I begin sharing how to get people prepared so you can start stepping out of the business. They need to learn how to step up to make sure the business keeps on growing. If you hope to sell the business or transfer it to the next generation of leaders, you must make sure you have a competent replacement for you and have others who can take over key responsibilities when you’re not there. If no one can do your job, you will never be able to leave your business. Is this why you started your business?
Here are ten questions to consider as you start moving to the next stage of your life and business. Many founders struggle with these issues because they build their organizations around their unique gifts and strengths. As one of my clients always says, succession is all about people and culture.
- Does your team have an appetite for learning new ideas and technologies?
- Do your people have a clear understanding of what is and is not expected of them?
- Can your team members share the mission and vision of your organization?
- Can they relate your vision to your clients and potential customers?
- Is there a clear roadmap to what’s important for the organization to continue to succeed?
- Does your team feel comfortable making decisions both big and small?
- Does your organization reward based on contribution and results?
- Do they understand the changes in the market and how the business is evolving?
- Do they know the value of the enterprise?
- Do they learn from failure?
So how did you do? Give yourself 10 points for every yes and minus five points for every no. Add up your points and see what your total is. Next week, we share what your score means and how you can begin to get your business ready for your eventual exit.
Starting next week, we begin publishing two blogs a week on Tuesday and Thursday. See you next Tuesday.